Micron Technology (NASDAQ: MU) has seen solid performance in the last year. Although the stock is currently up 33.88% year-to-date (YTD), a full 20% of those gains occurred over the past five days — and September 25 alone accounts for 12% of the upswing.
Backtracking provides a clearer picture of MU’s price action in 2024. The stock spent the vast majority of the time in the green since the beginning of the year, reaching an all-time high of $153.45 in July.
The following months saw a significant price reversal — with the stock dropping as much as 43.43% to a price of $86.80.
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A wider market selloff, fears of an AI bubble, disappointing non-farm payroll numbers in the US, as well as the demise of the Yen carry trade amidst the Bank of Japan’s decision to raise interest rates produced an environment in which tech companies in particular suffered.
This was further exacerbated by low revenue forecasts after the company’s Q3 earnings report, supply chain issues, and volatility in the memory markets, although MU posted strong Q3 results on the whole.
MU stock price upswing
The surge in Micron’s share price came as a result of the company’s Q4 and full fiscal 2024 reports, published on September 25.
To say the results were impressive would be an understatement — revenues rose to $25.11 billion compared to last year’s $15.54 billion, while operating cash flow currently stands at $8.51 billion, far outpacing last year’s $1.56 billion.
MU has managed to sustain and accelerate its growth trajectory by capturing large swathes of the AI infrastructure market — the company’s high bandwidth memory and data center SSDs both saw significant demand.
Micron stock price forecast for 2025
Wall Street analysts are extremely bullish on MU. Based on the price targets set by the 26 equity researchers tracking the stock, forecasts are essentially unanimously bullish. Of the 26, 24 rate the stock a ‘Buy’, with only one ‘Hold’ and one ‘Sell’ rating based on its performance over the last 3 months.
On the whole, an average price of $151.54 is being projected for the next 12 months — a significant rise that would equate to a 58.23% upside.
The highest estimate places a price target at $225 in a year’s time, while the lone analyst who rates the stock a ‘Sell’ forecasts a price of just $67. It should be noted, however, that this ‘Sell’ rating predates the company’s latest earnings report.
