Is Micron (MU) Stock Heading to $1,625? UBS Thinks So
TLDR
- Micron stock was up 1.2% at $961.51 in early Friday trading, building on a 12% gain over the past month.
- KeyBanc forecasts DRAM prices rising 15%-20% in Q3, with NAND flash memory prices up 30%-40%.
- New Street Research upgraded MU to buy with a $1,250 price target, citing a structural shift away from the memory boom-bust cycle.
- New Street projects Micron could hold over $600 billion in cash and generate $150 billion in annual free cash flow by 2030.
- UBS analyst Timothy Arcuri set a $1,625 price target, while the Wall Street average target sits at $1,549.
Micron Technology stock was trading at $961.51 Friday morning, up 1.2%, as analysts lined up with bullish calls and memory prices looked set to keep climbing.
The move adds to a 12% gain over the past month, though the stock remains below its late June peak of more than $1,200. Micron has more than tripled in value year to date.
The rally got a boost from Sandisk, which laid out an upbeat long-term forecast earlier this week. That sent investors back into the memory trade broadly, with SK Hynix ADRs also gaining 1.4% in premarket trading.
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