Raspberry Pi Holdings plc shares rose more than 10% on Thursday. The company led the FTSE 350 despite releasing no specific corporate announcements.
Strong quarterly results and positive guidance from US chipmaker Micron Technology fueled the rally. This performance boosted global semiconductor and technology stocks linked to artificial intelligence. Micron supplies memory chips for several Raspberry Pi products.
Jefferies raised its price target for Raspberry Pi from 420p to 960p. The investment bank noted resilient product demand despite significant price increases.
The company is successfully securing high-volume direct orders from large corporations. Raspberry Pi is also seeing increased adoption in defense and smart home applications.