Bank of America added Micron Technology (MU) to its US 1 List of premier investment recommendations. The bank upgraded the stock from Hold to Buy and raised its price target from $144 to $177.
Analysts cited surging demand for memory chips in the edge AI sector, including smartphones and autonomous vehicles. BofA positions Micron as the leading U.S. memory company poised to benefit from these technological trends.
Micron shares climbed as much as 6.5% in pre-market trading following the announcement. The stock maintained a 5.9% gain during intraday trading.