Micron Technology (MU) became the top trending ticker on Stocktwits after UBS raised its price target on the stock to $275 from $245 and noted that the company is likely tracking above the high end of its guidance.

UBS maintained a 'Buy' rating on the shares, according to TheFly. The firm said that its recent channel checks indicate "tight" supply conditions persist. Shares of Micron were down over 1% in early trading on Thursday.

Despite the lack of a positive preannouncement, Micron is likely tracking above the high end of its guidance with double data rate five contract negotiations now edging toward up 20% quarter-over-quarter or higher, UBS noted.

UBS said that it believes Micron's cycle will be more durable this time as high-bandwidth memory "crowds out" the traditional memory market. Most, if not all, of the industry's capacity additions through 2027 will likely go to high-bandwidth memory, the firm added.

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