Stifel raises PT on Micron by 54% amid cloud memory optimism

Brokerage Stifel raises PT on Micron Technology MU.O to $300 from $195

Stifel expects MU to report and guide for meaningful upside to its Q1 results and Q2 outlook

Brokerage says suppliers are focusing on supporting high-value cloud memory products/customers, while restoring more profitable storage pricing for smartphone and PC products

Stifel says that MU can grow memory capacity, but its ability to earn more revenue per bit is of particular importance

39 of 46 brokerages covering the stock recommend "buy" or higher, 6 recommend "hold," while 1 recommends sell; stock has a median PT of $240 - LSEG-compiled data

Up to last close, MU had more than tripled YTD