• BofA’s latest price target hike on Micron comes after the firm updated its long-term semiconductor industry forecasts.

• The firm said its revised estimates reflect a larger addressable market for chipmakers as demand continues to accelerate across AI, cloud computing and data center infrastructure.

• BofA now expects the global semiconductor industry to generate a total addressable market of $2.7 trillion by 2030, up from its previous forecast of $2.3 trillion.

Shares of Micron Technology Inc. (MU) were down more than 10% in Tuesday morning’s trade ahead of its third-quarter (Q3) earnings due Wednesday, amid a broader selloff in AI and chip stocks.

However, analysts at BofA are unperturbed by the selloff. According to…