Goldman Sachs maintained a "Neutral" rating for Micron Technology. The firm more than doubled its price target to $900, up from $400. Goldman Sachs anticipates a strong fiscal third quarter for the memory-chip maker. It cites tight supply-demand conditions. These conditions are expected to continue through at least 2027.
Goldman Sachs views the "Neutral" rating as a cautious stance. This comes despite the bullish outlook and increased price target. The firm attributes this caution to the stock's substantial rally. It also cites already bullish investor sentiment. The new price target suggested a potential downside from the stock's closing price at the announcement. This led to a mixed market reaction. Micron's earnings report is scheduled for June 24.