Micron’s Newly-Converted Bull Sees 50% Gain on Memory Supercycle

Micron Technology Inc.’s biggest skeptic has become its biggest advocate, saying the chipmaker is in the early stages of an artificial intelligence “memory supercycle” that will drive even more gains for the stock.

In a major shift, BNP Paribas Exane analyst Karl Ackerman boosted his price target on Micron shares by 170%, to a Street-high view of $270 from what had been the Street-low of $100. He also upgraded the stock by two notches, to outperform from underperform.