Bank of America (BofA) upgraded its Micron (NASDAQ: MU) stock price target from $950 to $1,500 on June 23 as part of its new list of top five themes that will drive semiconductor sales.
Analyst Vivek Arya, who reiterated a ‘Buy’ rating on the stock, cited robust high-bandwidth memory demand and structurally constrained supply through 2028 as reasons for the price upgrade.
As such, the new price shows Arya’s long-term confidence in Micron and its role in the industry, which he now argues can expand its addressable market to $2.7 trillion by 2030.
“The chip industry took ~50 years to generate its first $1 trillion in sales. We expect AI to help add another $1 trillion in just the next five years,” BofA wrote.
BofA’s new Micron share price target indicates a potential upside of nearly 24% from the current price.
Bernstein raises its Micron share price target on DRAM strength
A day earlier, Bernstein Group also raised its price target on Micron from $510 to $1,300, while reiterating its ‘Outperform’ rating on stronger near-term memory pricing and high-bandwidth memory (HBM) forecasts through 2027.
Analyst Mark Li expects profits to accelerate in 2026 already, underpinning valuations across the memory sector. Furthermore, Li said the ongoing DRAM shortage is likely to be deeper and more prolonged than previously anticipated, although he expects prices to begin easing in 2028 as additional manufacturing capacity comes online.
“We raise forecasts for Samsung, SK hynix and Micron to reflect stronger-than-expected price increase in the near term, but more importantly our CY2027 projections as a result of higher HBM ASP as discussed above…” Li wrote.
Bernstein’s new Micron target is at 7.7 x the price-to-earnings ratio, and it represented a 15% upside potential at the time of issuance.
Wall Street Micron stock consensus
Both Bernstein and BofA targets are above the Wall Street average of $1,296, which suggests a roughly 17.5% upside, as suggested by TipRanks data available at press time.
According to the same market analysis platform, Micron is regarded as a ‘Strong Buy,’ as it has received only two ‘Hold’ ratings in the past three months, against no fewer than 24 ‘Buys.’
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