CNBC's Jim Cramer said Micron 's stock is headed higher as the AI frenzy spurs demand for its memory chips. "You need high bandwidth memory chips in order to really do great with everything that's coming," Jim said Monday on "Squawk on the Street." "Their stock is going to go much higher," he added. MU shares traded more than 1% higher in midday trading Monday. The stock is up roughly 45% year-to-date.
Jim referred to a Barclays note that said structural changes in the memory market driven by AI will help MU move above the upper bounds of its historical range. The firm increased its price target on MU shares to $145, from $120, while keeping its overweight rating on the stock. MU YTD mountain MU stock performance year-to-date. Micron "is the stock portfolio managers want to own" as a top AI play, Jim argued, given its high bandwidth memory chips are "ahead of everyone else.
Source: Tech Daily Report (techdailyreport.net)
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