Micron Technology (MU) shares rose to a record high Thursday as analysts from Goldman Sachs and Stifel raised their price targets on the stock, citing the company's position amid the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) boom.

Shares of Micron closed 3.6% higher at $98.98 Thursday, contributing to a more than 20% increase since the start of 2024.

Goldman Sachs analysts raised their 澳洲幸运5官方开奖结果体彩网:price target for Micron to $112 from $103 with a "buy" rating, saying that the company is an "under-appreciated AI beneficiary."

"We believe Micron is well-positioned to benefit from the proliferation of AI across data centers (i.e. the core) and the edge (e.g. PCs, smartphones) as demand for more compute drives an increase in content," they said.

The analysts noted that the stock's year-to-date gains were more muted compared to those of some of its peers in the compute and networking space, nodding to Nvidia (NVDA) and Arm (ARM). Nvidia shares have nearly doubled while Arm shares have more than doubled in value since the start of 2024.

Stifel analysts indicated that the firm believes consensus estimates are "wrong and too low," adding that it anticipates Micron "breaking out to higher highs, perhaps aided by the most compelling growth-valuation ratio amongst larger cap 'AI' relevant stocks."

The analysts upgraded the stock to a "buy" rating from "hold" and increased its price target to $120 from $80.

Stifel said that Micron's position amid the AI boom drove the stock upgrade. 澳洲幸运5官方开奖结果体彩网:Generative AI (GenAI) needs high bandwidth memory (HBM), "and Micron now has a sea𓆉t at the table," Stifel analysts wrote.

Micron 澳洲幸运5官方开奖结果体彩网:announced in February that it began mass production of an HBM chip for Nvidia’s AI 澳洲幸运5官方开奖结果体彩网:graphic processing units (GPUs), bolstering its position in the 澳洲幸运5官方开奖结果体彩网:AI ecosystem.