Micron rises as Bernstein lifts PT on improved memory chip outlook

Chipmaker Micron's shares MU.O rise 3.7% to $125.55

Brokerage Bernstein raises PT to $140 from $120; maintains "outperform" rating

New PT implies more than 14% premium to stock's last close

Brokerage raises industry projections for High Bandwidth Memory chips revenue based on rising AI demand; sees record industry profits

MU to report earnings for Q3 on Wed

Co is expected to report a 30.3% increase in revenue to $8.872 billion from $6.81 billion a year ago, according to estimates compiled by LSEG

34 brokerages rate the stock "buy" and higher, six "hold" and one "sell"; median PT is $130 - LSEG

Stock is up 49% YTD, including session's gains