Micron Technology (MU) shares surged 4% today after Citigroup and Mizuho raised their price targets, signaling renewed optimism among analysts. Citigroup nearly doubled its target to $840 per share, suggesting a potential 19% upside from Micron’s current price of $706. Mizuho increased its target from $740 to $800, highlighting expectations for sustained strong pricing in NAND and DRAM memory through 2027, driven by robust demand for high-bandwidth memory and enterprise-scale solid-state drives.
This analyst enthusiasm comes ahead of Micron’s upcoming earnings report on June 24, where revenue is projected to grow by 261% to $33.6 billion, with earnings expected to increase tenfold to $19.02 per share. The looming worker strike at Samsung could further tighten supply and elevate memory prices, adding to Micron’s favorable outlook.
For market professionals, the key takeaway is that Micron is positioned for significant growth in the near term, with analysts’ bullish forecasts suggesting potential upside despite concerns about future cyclical downturns.
Source: fool.com