Overview
- DA Davidson, which began covering Micron on Tuesday, set a $1,000 price target that implies about 90% upside from a recent $524 close and surpasses the prior high of $700.
- TD Cowen lifted its target to $660 and framed the next move as proof of demand durability, noting long-term supply deals that can protect gross margins with floors near 60% and ceilings in the high‑80% range.
- Melius Research launched coverage at $700, and together with DA Davidson and TD Cowen it reinforced the case that AI workloads are creating a longer memory cycle with a higher demand ceiling for HBM, DRAM, and NAND chips.
- Analyst Gil Luria cited Micron’s manufacturing edge, pointing to four straight DRAM node leads and three in NAND, which can lower costs and support share gains over time.
- Company results have tightened the thesis, with record fiscal Q2 revenue of $23.9 billion and guidance for about $33.5 billion in Q3, while the stock is up more than 530% in a year and consensus targets near $575 lag the new highs.