- Wall Street analysts at firms like Barclays and Melius Research are aggressively raising Micron’s stock price target, with some exceeding $2000.
- The surge in targets follows a stellar quarterly earnings report where revenue more than quadrupled year-over-year to $41.46 billion.
- Analysts cite Micron’s critical role in the AI boom, but risks include a potential AI bubble and a recent price-fixing lawsuit.
Prominent Wall Street firms are aggressively boosting their price targets for Micron Technology’s (MU) stock towards the $2000 mark days after the company’s latest earnings report, according to data from TipRanks. This bullish sentiment is fueled by the chipmaker’s dominance in supplying essential memory for Artificial Intelligence platforms.
Barclays analyst Thomas O’Mailey raised his target from $1175 to $2000. Meanwhile, Melius Research increased its target to $2200, and Susquehanna adjusted theirs to $2000. The average analyst target now sits at $1557, which still surpasses the stock’s all-time high.
Consequently, this optimism is rooted in Micron’s explosive financial performance. The company’s quarterly revenue skyrocketed to $41.46 billion, far exceeding expectations of $36.28 billion. Earnings per share also beat projections, coming in at $25.11 against an estimated $21.05.
The company forecasts that supply-demand conditions for its DRAM and NAND memory will remain tight beyond 2027. However, significant risks could challenge this bullish outlook. Notable figures like trader Michael Burry have drawn parallels between the current AI fervor and the dot-com bubble.
Additionally, Micron was recently sued in a US District Court in California alongside SK Hynix and Samsung for allegedly manipulating memory prices. A re-escalation of conflict in the Middle East could also trigger investor concerns over oil prices and supply chains.
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