Driven by surging demand for data center memory, several leading research firms have significantly raised their price targets for Micron, pushing forecasts into an unprecedented range of US$1,200 to US$1,500 per share.

These upgrades come as Micron’s stock has already climbed above US$1,000 per share, officially joining the ranks of trillion-dollar companies.

The logic behind these dramatic target increases is relatively straightforward: demand for both High-Bandwidth Memory (HBM) and traditional DRAM used in AI servers has become exceptionally strong.

Since building advanced semiconductor fabrication facilities requires at least 12 months, the industry has entered a period of structural supply shortages, with demand far exceeding available capacity.

Stifel (Price Target Raised from US$550 to US$1,500):

Stifel nearly tripled its previous target price.

Average selling prices for traditional DRAM have already reached roughly twice Micron’s original forecasts.

Data center contract prices have climbed above US$2.50 per GB, while consumer PC and mobile memory pricing remains above US$1.50 per GB.

Stifel expects Micron’s quarterly revenue to increase approximately 20% quarter-over-quarter.

Deutsche Bank (Price Target Raised from US$1,000 to US$1,500):

Deutsche Bank forecasts May-quarter revenue of US$35.1 billion, significantly above the upper end of Micron’s guidance range.

Even more aggressively, the bank projects Micron’s calendar-year 2027 earnings per share (EPS) could reach US$160.

It also expects gross margins to remain sustainably above 80% for the foreseeable future.

Rosenblatt (Price Target Raised from US$600 to US$1,200):

Rosenblatt argues that soaring memory prices have done little to slow purchasing demand from enterprises and data centers.

The firm believes upcoming HBM price increases will completely eliminate the traditional margin gap between HBM and standard DDR5 memory products.

Ahead of Micron’s third-quarter earnings call on June 24, the market’s primary focus is on the continued evolution of the company’s product mix.

Management has already stated that all HBM production capacity has been sold out under binding contracts covering the remainder of 2026 and most of 2027.

Particularly important is the fact that manufacturing HBM consumes more than three times the silicon wafer capacity required for traditional DDR5 memory.

To meet demand from AI giants such as Nvidia and AMD, Micron has devoted a significant portion of industry capacity to HBM production.

As a result, supply conditions in the traditional DRAM market have tightened considerably.

Market Analysis:

These multi-layered supply constraints mean that even standard memory chips are now commanding unprecedented pricing premiums.This dynamic is driving what many analysts describe as a textbook cyclical upturn—one that still appears to be in its early stages.

New long-term supply agreements are expected to help Micron sustain elevated profitability for much longer than in previous industry cycles, supporting valuation multiples that could exceed historical norms.