JPMorgan more than doubles Micron target to $1,540 from $550

JPMorgan has raised its price target for Micron Technology (NASDAQ:MU) to $185.00 from $165.00, maintaining an Overweight rating following the company’s positive preannouncement of August quarter results. The stock, currently trading at $123.72, has demonstrated strong performance, with a 13.44% gain in the past week alone. Analysts’ price targets for Micron range from $95 to $200, with several firms issuing strong buy recommendations.

Micron’s improved financial outlook is attributed to stronger-than-expected performance in DRAM and NAND Flash pricing, with UBS reaffirming a Buy rating and setting a price target of $155. Mizuho also increased its price target to $155, maintaining an Outperform rating, while BofA Securities kept its Neutral rating and $140 price target. Barclays maintained an Overweight rating with a $140 target, and Rosenblatt reiterated a Buy rating with a $200 price target.

The company’s HBM demand trends remain robust, with strong visibility and AI capital expenditure spending through calendar year 2026. Micron has made progress with customers and expects to sell out its HBM supply for 2026, including HBM3e and HBM4 products. The firm’s execution in its HBM3e 12-Hi yield ramp has been faster than the 8-Hi ramp, positioning it for continued improvement in gross margin and earnings power in 2025 and into 2026.