TLDR
- Micron stock has surged nearly 300% year-to-date ahead of its June 24 earnings report
- Stifel raised its price target to $1,500 from $550, citing ~80% QoQ revenue growth potential driven by higher average selling prices
- Wedbush lifted its target to $1,300 from $550, pointing to DRAM pricing near triple-digit quarterly gains
- Options traders expect a 14.4% move in either direction post-earnings — well above the 4.4% historical average
- Retail investor interest is rising, with portfolios holding MU up 9.1% in the past 30 days
Micron Technology (MU) stock jumped more than 5% in pre-market trading on Thursday after two major brokerages raised their price targets, adding fresh momentum ahead of its fiscal Q3 earnings report on June 24.
Stifel analyst Brian Chin lifted his price target from $550 to $1,500, while maintaining a Buy rating. Wedbush analyst Matt Bryson raised his target from $550 to $1,300, reiterating an Outperform rating.
Both calls came on the same day, and the market noticed.
MU has already gained close to 300% this year — one of the strongest runs on the S&P 500. But Wall Street isn’t pumping the brakes just yet.
Stifel’s Chin flagged revenue growth of nearly 80% quarter over quarter as a realistic expectation. He cited rising average selling prices (ASPs) across conventional DRAM, with HBM pricing potentially rising more than 50% year over year into 2027.
Chin pointed to agentic AI demand as a key driver. He noted that increasing demand for LPDDR5 and DDR5 from AI workloads is giving memory suppliers like Micron more pricing leverage than they’ve had in years.
Wedbush’s Bryson was similarly upbeat. He flagged that NAND and DRAM pricing in the current quarter has risen by high double digits — and potentially into triple-digit percentage gains for DRAM specifically.
Bryson noted that Micron set contract pricing early in Q1, which put it at a slight disadvantage compared to Korean peers. But he said more recent checks suggest Micron has since matched — or even slightly beaten — industry average pricing.
Other Analysts Piling In
Deutsche Bank’s Melissa Weathers also raised her price target to $1,500, up from $1,000. Rosenblatt’s Kevin Cassidy held at $1,200, while Citi’s Atif Malik kept his $1,200 target intact.
Across TipRanks, MU carries a Strong Buy consensus rating, based on 27 Buy ratings and just two Holds. The average price target sits at $1,154.07.
Retail investors are moving in the same direction. More than 867,000 Smart Portfolios are tracked by TipRanks, and 6.4% of those now hold MU. The number holding the stock is up 9.1% over the past 30 days.
Options Market Is Bracing for Volatility
The options market is flagging a big reaction after earnings. Traders are pricing in a move of 14.4% in either direction following the June 24 report.
That compares to an average post-earnings move of just 4.4% over the past four quarters — meaning the market is expecting roughly three times the usual swing.
Investors will be focused on HBM demand trends, DRAM and NAND pricing updates, and the company’s forward guidance when Micron reports next Tuesday.
The average analyst price target of $1,154.07 implies modest upside of around 1.8% from current levels — but several individual targets sit well above that, with both Stifel and Deutsche Bank at $1,500.
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