Micron Technology Inc MU shares were climbing in early trading on Friday and are up more than 60% year to date on an AI rally.

Management meetings with analysts were held in Boston and New York. Here are some takeaways.

BofA Securities On Micron Technology

Analyst Vivek Arya maintained a Buy rating and price target of $170.

Micron Technology's key message was "very bullish" regarding pricing and mix shift towards "differentiated AI computing and enterprise storage products," Arya said in a note. Management reiterated their goal of expanding their share of high bandwidth memory (HBM) towards 20%-25% in 2025, in a target addressable market (TAM) that could exceed $20 billion, he added.

"Meanwhile edge AI — phones and PCs — is just getting started and could become an incremental growth driver over the next few years," the analyst wrote.

Check out other analyst stock ratings.

Goldman Sachs On Micron Technology

Analyst Toshiya Hari reiterated a Buy rating and price target of $158.

Micron Technology is set to improve its competitive position in HBM as well as in the "overall DRAM and NAND industry supply/demand dynamics," Hari said. "The company continues to expect several hundred million dollars of HBM revenue in FY2024 which steps up materially to multiple billion dollars in FY2025," he added.

Micron Technology, which is qualified at Nvidia Corp NVDA is currently shipping for H200, the analyst stated. "In fact, per management, the company is sold out (i.e. HBM bits have been allocated) for both CY2024 and CY2025, while pricing negotiations are also nearly complete through CY2025," he further wrote.

MU Price Action: Shares of Micron Technology had risen by 1.68% to $132.42 at the time of publication on Friday.

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