Wolfe Research raised its price target for Micron Technology (MU) to $1,250. This is a significant increase from the previous $550 target. The firm maintained its Outperform rating.
Analyst Chris Caso expects a memory supply deficit to persist through at least 2027. Robust AI demand and limited manufacturing cleanroom space drive this shortage.
Caso forecasts DRAM prices will surge 200%. He expects this price peak to occur in 2026. NAND prices are projected to rise 216% during the same period.
Wolfe increased its revenue estimate for Micron to $226.5 billion. This projection is for fiscal year 2027. The firm now projects earnings per share of $135 for that year.
This upgrade follows similar moves from other Wall Street analysts. Market sentiment suggests the current memory super-cycle is more durable than previous ones.