Micron (MU) Stock Is Back Near $1,000 and Wall Street Thinks It Has Much Further to Go
TLDR
- Micron stock closed up 2.3% at $970.20 on Friday, marking its fourth straight day of gains
- KeyBanc forecasts DRAM prices rising 15%-20% and NAND flash prices rising 30%-40% in Q3
- Micron posted Q3 EPS of $25.11, beating the $21.39 estimate, with revenue up 346% year over year
- UBS set a $1,625 price target; Wall Street consensus sits at around $1,260 with a “Buy” rating
- New Street upgraded Micron to “Buy,” projecting a potential $2-$3 trillion valuation by end of decade
Micron Technology (MU) stock closed at $970.20 on Friday, up 2.3% on the day and marking its fourth consecutive session of gains. The stock has climbed 12% over the past month, though it remains below its late June peak of over $1,200.
The stock opened Friday at $971.66. Its 52-week range runs from $113.46 to $1,255.00, and its market cap currently sits at $1.10 trillion.
Investor appetite for memory stocks has picked up following an upbeat long-term forecast from Sandisk this week. SK Hynix ADRs also edged up 0.4% to $166.33 on the same day.
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