Micron Stock Nears $1,000 – Is the Rally Over? Wall Street’s Highest Target: $1,625

Micron Technology (MU-US) continued its upward momentum on Friday (14th), reaching an intraday high of $984. The stock closed up 2.30% at $971.66, marking its fourth consecutive day of gains, with a market capitalization of approximately $1.1 trillion. After-hours trading saw a slight dip of 0.17% to $970.

Micron’s stock has surged over 200% year-to-date. Although it remains below its peak of over $1,200 in late June, rising memory prices and SanDisk’s (SNDK-US) optimistic long-term outlook have driven renewed investor interest in memory stocks.

DRAM and NAND prices expected to rise for two consecutive quarters

Continued increases in memory pricing are the primary reason Wall Street remains bullish on Micron. KeyBanc forecasts that DRAM prices will rise 15% to 20% quarter-on-quarter in the third quarter of this year, with another 15% increase expected in the fourth quarter.

NAND flash memory could see even steeper gains, with prices projected to rise 30% to 40% in Q3 and another 15% in Q4. If these price trends materialize, memory manufacturers’ revenue and profitability are expected to improve significantly.

UBS sets $1,625 price target – potential upside over 67%

UBS analyst Timothy Arcuri this week raised Micron’s price target to $1,625, implying approximately 67% upside from Friday’s closing price of $971.66.

Arcuri based his target on Micron’s estimated earnings per share (EPS) for fiscal 2029, applying an 11x forward price-to-earnings (P/E) ratio. He believes the 2029 earnings forecast better reflects Micron’s ability to generate profits across full industry cycles, supported by long-term supply agreements, and notes that the model already incorporates scenarios of a mild downturn in the memory market.

According to FactSet, the average price target set by Wall Street analysts for Micron is $1,549, suggesting about 59% upside from the latest closing price. The market believes that despite Micron’s strong rally this year, rising memory prices and improved long-term profitability could continue to push the stock toward new highs.