Wells Fargo just slapped a $1,220 price target on Micron Technology, up from $550. That’s not a typo. The bank more than doubled its outlook on the memory chipmaker while maintaining its Overweight rating, making it one of the most aggressive calls on a semiconductor stock this year.
Micron shares responded by climbing roughly 7% in pre-market trading. With the stock recently closing in the $860 to $950 range, the new target implies an upside of approximately 28% to 41% from current levels.
A Wall Street chorus, not a solo act
Wells Fargo wasn’t the only firm feeling bullish. Cantor Fitzgerald raised its Micron target from $700 to $1,500 on the same day. Morgan Stanley bumped its projection from $520 to $1,050.
The factors Wells Fargo cited for its revision include sustained tightness in memory supply, strong customer engagements, and Micron’s demonstrated ability to deliver HBM products at scale for AI applications.
