As Micron Technology, Inc. (Nasdaq: MU) stock rallied over 30% so far in August 2026 driven by a sector-wide rebound in Artificial Intelligence (AI) infrastructure demand, Harsh Kumar, a Wall Street analyst at BMO Capital Markets, expects a rally towards a new all-time high (ATH) over the next 12 months.
Kumar reiterated a ‘Buy’ rating for Micron stock, according to a note sent to clients that Finbold analyzed on August 21. He maintained the firm’s 12-month price target of MU at $1,300.
With Micron stock price trading at approximately $965.60, this analyst suggests a possible 34.63% upside. Kumar’s bullish thesis for Micron was based on the memory market supercycle fueled by the massive demand for high-bandwidth memory (HBM).
Most importantly, BMO Capital pointed to the fact that Micron has recorded growth across all product lines, thus bolstering a potential uptrend in the coming months. In a bid to remain competitive, the company unveiled Micron Research Labs, a United States-based institution for a planned $10 billion investment over the next decade.
Is Micron stock a good buy?
Following Kumar’s positive sentiments and ‘Outperform’ rating on MU stock, 30 Wall Street analysts surveyed by TipRanks have set an average 12-month price target of $1,568.39. As such, this group of researchers believes that MU’s price could surge by roughly 62%.
Worth noting that the highest 12-month price target of Micron stock from these analysts was $2,200 at press time. On the other hand, the lowest 12-month price target from these experts was at $1,100.
MU price performance
Year-to-date (YTD) MU price has surged by over 206%, thereby reaching a market capitalization of $1.1 trillion at the time of reporting.
Consequently, if MU’s price maintains its YTD uptrend, amid the prolonged memory supercycle, the analysts’ 12-month price targets for a new ATH could be met.
Featured image via Shutterstock
