Wall Street Races to Lift Targets on Japan’s Chip Darling Kioxia

Major Wall Street firms are doubling their price targets on Kioxia Holdings Corp. after the Japanese memory-chip maker gave a stronger-than-expected outlook.

Citigroup Global Markets Japan Inc., JPMorgan Securities and Morgan Stanley MUFG Securities Co. all rushed to hike their targets since Kioxia’s earnings Friday showed profit soared. Morgan Stanley designated the company as its top pick, saying growth in real-world use of AI is expected to continue, and that Kioxia has solid free cashflow and shareholder return potential.