Micron Technology’s stock experienced a significant surge of approximately 8.5% Thursday morning, reaching about $152 per share. This marked the largest increase since April, when shares soared roughly 19%. The notable gain positioned Micron on track for a record close, fueled by a bullish outlook from Citi analyst Christopher Danely.
Danely raised his price target for Micron’s stock to $175 from $150 while maintaining a “Buy” rating. His optimistic assessment comes in response to Micron’s pivotal role in producing memory chips that are essential for both artificial intelligence (AI) data centers and consumer electronics. Noteworthy products utilizing Micron’s memory chips include NVIDIA’s GPUs and Apple’s iPhones.
Looking ahead, Danely anticipates that Micron will report fourth-quarter results aligning with Wall Street’s expectations on September 23. He also foresees the company providing guidance for first-quarter revenue significantly exceeding consensus estimates. Specifically, Danely predicts revenue of $13 billion for the first quarter of the 2026 fiscal year, contrasting with Bloomberg’s analyst consensus forecast of $11.8 billion. Furthermore, he expects the earnings per share (EPS) guidance to be around $3.23, which surpasses the consensus estimate of $2.98.
Danely attributes the ongoing upturn in memory demand to a combination of constrained production and stronger-than-anticipated demand, particularly from the data center sector. He highlighted a recent uptick in orders related to AI applications as a significant contributor to this trend, suggesting that the market outlook for Micron remains robust amid evolving technological needs.
