Citi Fires Up Semis with Massive Target Jumps

Citigroup analyst Atif Malik delivered a wave of aggressive upgrades across semiconductor equipment names on Tuesday, moving targets sharply higher across the board.

Micron Technology got the boldest call. Malik lifted his price target to $1,200 from $840 — a 43% jump. The consensus average target now sits at $888. Micron carries a $1.15 trillion market cap and short interest of just 3.3% of free float, suggesting limited bearish pushback.

Applied Materials also received a big boost. Citi raised its target to $710 from $550, a 29% increase. The consensus moved up to $525. AMAT has a $451 billion market cap.

Lam Research saw its target lifted to $450 from $315 — a 43% jump. The consensus now stands at $333. All three names carry Buy ratings at Citi.

Elsewhere, UBS trimmed its target on Constellation Brands to $175 from $186, maintaining Buy. The beer-to-wine group has struggled this year under consumer spending pressure.

FedEx targets ticked up across the consensus to $328, pointing to cautious optimism after its recent results. The average target had been $318.

The semiconductor equipment theme dominates today's analyst activity. Citi's calls suggest the firm sees a strong cycle ahead for memory and wafer fabrication equipment demand.