US Stock Market Move | Investment bank significantly raised the target price for Micron Technology, Inc. (MU.US) and the stock surged more than 9% at the opening.

On Monday, all major US stock indexes opened higher as tensions between the US and Iran eased, leading to a drop in oil prices and inflation concerns, and the risk appetite in the US tech sector significantly recovered. Micron Technology, Inc. (MU.US) surged more than 9% at the opening. On the news front, two investment banks significantly raised their price targets. Specifically, TD Cowen raised Micron Technology, Inc.'s price target from $660 to $1500; Royal Bank of Canada raised Micron Technology, Inc.'s price target from $525 to $1200. In its report, Royal Bank of Canada stated that the demand for AI and industry supply constraints are driving a stronger storage cycle, and Micron Technology, Inc.'s stock price should receive a higher valuation. The bank points out that AI-related spending by hyperscale enterprises is expected to continue until 2027, driving strong storage demand and continued shortages in the end market supply.