As Micron Technology Inc. (NASDAQ: MU) shares ride the Artificial Intelligence (AI) boom, C J Muse, an analyst at Cantor Fitzgerald, has signaled further bullishness on Micron stock over the next 12 months.
On June 29, Muse reiterated a ‘Buy’ rating for Micron stock, according to a note shared with clients analyzed by Finbold. Muse raised the 12-month price target for Micron Technology stock from $1,500 to $2,000, thus a potential 65.15% upside from press time.
On June 28, Yik Ban Chong, an analyst at Phillip Securities, reiterated a ‘Buy’ rating on the stock. Chong increased Micron Technology’s 12-month price target from $530 to $1,870, implying a 76.63% upside.
The analyst expects the industry memory shortage to persist beyond 2027. As such, Chong believes this could enable Micron Technology to secure additional agreements with both existing and new customers in the coming quarters.
What’s the average Micron stock price target from Wall Street analysts?
At the time of reporting, MU stock has received an average rating of ‘Strong Buy’ from 30 Wall Street analysts over the past 30 days, based on data from TipRanks. As such, Wall Street analysts have set an average target price of $1,556 for Micron Technology stock over the next 12 months.
The highest MU stock price forecast was about $2,200, while the lowest prediction was at approximately $1,100.
MU stock price outlook
The company’s stock market has rallied more than 296% year to date (YTD), currently trading at around $1,132.33 at the time of reporting.
As a result, MU stock valuation was at roughly $1.3 trillion at the time of publication. With Wall Street analysts anticipating a further upsurge over the next 12 months, Micron stock valuation could rise significantly.
