Micron Technology experienced a significant surge in its stock price on Thursday, rising approximately 8.5% to around $152 per share. This increase marked the chipmaker’s most considerable leap since April, when shares had spiked nearly 19%. With this upward momentum, Micron appears poised for a record closing price.
The boost in stock price was largely influenced by a revision from Citigroup analyst Christopher Danely, who raised his price target for Micron from $150 to $175 while maintaining a Buy rating. Micron is a leading manufacturer of memory chips, which are essential components for both AI data centers and consumer electronics, including Nvidia’s graphics processing units and Apple’s iPhones.
In anticipation of Micron’s fourth-quarter earnings report scheduled for September 23, Danely expressed confidence that the company would meet Wall Street expectations. He also indicated that Micron is likely to provide a first-quarter revenue outlook that surpasses consensus estimates. His forecast for the first quarter of fiscal year 2026 anticipates revenue of $13 billion, significantly higher than the $11.8 billion forecasted by analysts surveyed by Bloomberg.
Additionally, Danely predicted earnings per share guidance of $3.23, exceeding the consensus estimate of $2.98. He attributes the sustained upturn in the memory market to limited production capabilities coupled with stronger-than-expected demand, particularly from the data center sector. Notably, Danely cited a recent surge in orders from the AI sector, highlighting this area as a critical driver for future growth.
