TLDR
- Micron (MU) stock hit an all-time high of $668.38, with the stock up 720% year-over-year
- Mizuho raised its price target on MU from $545 to $740, maintaining an Outperform rating
- Seeking Alpha’s Quant chief Steve Cress called MU a “screaming buy” despite the massive run-up
- MU trades at a PE of 9.9x versus a sector median of ~32x, with forward EPS growth of 327%
- Micron shipped its new 245TB 6600 ION SSD, targeting AI, cloud, and hyperscale workloads
Micron Technology (MU) stock hit an all-time high of $668.38 on Wednesday, with the stock currently trading around $670. That’s a 720% gain from a year ago and an 80% move in just the past month.
The milestone comes as Wall Street turns increasingly bullish on the semiconductor maker.
Mizuho analyst Vijay Rakesh raised his price target on Micron to $740, up from $545, while keeping an Outperform rating. That’s a nearly 36% jump in his target price in one move.
The raised target reflects growing confidence in Micron’s position in the memory and storage market, particularly as demand tied to AI infrastructure continues to build.
Micron recently shipped its new 6600 ION SSD, a 245TB drive built for AI, cloud, enterprise, and hyperscale workloads. The company says it offers storage efficiency gains over traditional hard drives.
Memory chip contract prices are also expected to rise in Q2 2026, according to Bernstein analyst Mark Li, who cited tight supply in both DRAM and NAND markets.
Still a Buy After a 720% Run?
Despite the eye-catching gains, Seeking Alpha’s head of Quant, Steve Cress, says the stock still has room to run.
“The stock only has a PE of 9.9 times,” Cress said in a recent podcast, pointing out that the sector median sits around 32x. “Yet when you look at the company’s growth rate, the forward EPS growth rate is 327%.”
Cress called MU a “screaming buy” and said the combination of low valuation and high growth sets it apart. “If the data is there and the growth is there, the valuation framework is there and the profitability is there… it’s still going to be a strong buy.”
He added that at roughly 10x earnings with those growth projections, “the stock still has a lot of legs.”
A Note of Caution
Not everyone is fully convinced. InvestingPro data flags MU as overvalued relative to its Fair Value estimate, placing it on its Most Overvalued stocks list.
That tension — strong fundamentals versus stretched valuation — is likely to stay in focus as the stock trades near record levels.
On the demand side, Meta Platforms has extended the life of some data center servers from six to seven years, a move reported by The Wall Street Journal linked to a memory chip shortage. That kind of supply pressure could continue to support pricing.
Advanced Micro Devices also recently reported Q4 revenue of $10.25 billion with EPS of $1.37, both beating estimates, adding to the broader positive sentiment around AI-driven chip demand.
Seagate Technology’s strong revenue and profit outlook further lifted confidence in the memory and storage sector, giving Micron additional tailwinds heading into the summer.
Mizuho’s new $740 price target is now the most recent analyst call on the stock.
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