Micron Stock (MU) jumped about 8.5% on Thursday morning to about $152, the biggest leap since April, when stocks grew about 19%. Thursday's harvest puts the chipmaker on record.
When Citi analyst Christopher Danely raised his stock price target to $175 from $150, the gains were gained.
Micron uses memory chips in AI data centers and consumer electronics products. For example, its various memory chips are used in NVIDIA (NVDA) GPU (graphics processing unit) and Apple (AAPL) iPhones.
Danley said he expects Micron to report fourth-quarter results in line with Wall Street expectations on September 23 and shares the prospect of its first-quarter revenue being “much higher than consensus guidance.”
Danely expects Micron to guide revenues of $13 billion in the first quarter of fiscal 2026, while analysts surveyed by Bloomberg expect $11.8 billion. He expects earnings per share to be $3.23, higher than Bloomberg's consensus estimate of $2.98.
“We believe that continuous memory is driven by limited production and expected demand, especially from the data center end market,” he said.