Micron shares rise as Mizuho raises price target

Micron Technology's MU.O shares are up 3.5% at $106.86 on Thurs after Mizuho analysts raised their price target on the chip maker's stock

MU is on track for the highest close since Jan. 22

Chips index .SOX is down 0.2% on the session

MU's earnings will benefit from increased shipments of chips with high bandwidth memory (HBM) - which helps to power artificial intelligence computing, said Mizuho analyst Vijay Rakesh in an investor note

"We are buyers into the June 25 earnings, as we see potential upside to HBM shipments in 2025-26E, and HBM4 driving ASP/layer count strength," Rakesh said

Mizuho maintained its "outperform" rating and raised PT to $130 from $124

Among 41 analysts that cover MU, avg rating is "buy" and median PT is $122.50, per LSEG data

MU is up 26.7% YTD vs NASDAQ Composite Index's .IXIC 0.7% increase.