Raymond James raised its price target for Micron Technology (MU) to $1,100 from $530. The firm reiterated its Outperform rating ahead of the company's June 24 earnings report. Micron shares surged past the $1,000 mark following the update.
Unprecedented demand for artificial intelligence infrastructure drives the bullish outlook. Industry checks in Asia indicate high-bandwidth memory supply is sold out for several years. Analysts noted that strong pricing and rational capacity additions distinguish this market cycle from previous ones.