Micron Technology (MU) has delivered a remarkable rally, with the stock up 6.6% over the past week, 32.9% over the last month, and an eye-catching 362.9% in the past 12 months. Despite this surge, the average 12‑month price target from analysts stands at $382.33 versus a last closing price of $414.88, suggesting that the stock has run ahead of current consensus. Even so, Wall Street’s analysts remain firmly positive on Micron, with an overall consensus rating of Strong Buy for the year ahead.
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Wall Street’s stance may appear counterintuitive at first glance: the consensus price target is below the current share price, yet analysts overwhelmingly recommend buying. This reflects the powerful narrative behind Micron’s role in the AI and high-performance computing boom, which some experts believe is not fully captured by existing target averages. One of the latest voices to weigh in is Yik Ban Chong of Phillip Securities Research (Singapore), who has just initiated coverage with a bullish view and a notably higher target than the current consensus.
Analyst Yik Ban Chong (ranking 2,183 out of 11,984 analysts, with an impressive 88.24% success rate and a 27.7% average return per rating) initiated coverage on Micron with a Buy rating on February 1, 2026 and a price target of $500. This target implies meaningful upside from the current price and underscores strong confidence in Micron’s earnings power. Chong argues that a global shortage in memory chips, particularly in high‑bandwidth memory (HBM), is driving DRAM prices to their highest levels since 2019, positioning Micron to benefit from pricing strength and robust demand.
According to Chong’s report, Micron’s HBM products are at the heart of this bullish thesis. Its HBM3E chips are already designed into Nvidia’s Blackwell GPU and AMD’s MI355 GPU, helping fuel Micron’s expected 45% revenue growth in calendar 2025, only slightly behind rival SK Hynix’s projected 47% growth. Looking ahead, Micron’s next‑generation HBM4, with per‑pin speeds above 11 Gbps—faster than SK Hynix’s estimated 10 Gbps—is set to ramp from the second quarter of 2026. With both Micron and SK Hynix effectively sold out of HBM capacity for 2026 and DRAM prices rising for eight consecutive quarters, Chong sees Micron well positioned to gain market share and sustain strong pricing.
The analyst also highlights Micron’s strategic advantage in the United States. The company has secured about $6.4 billion in direct funding from the U.S. Department of Commerce for three planned fabs and is set to benefit from a 35% investment tax credit under the CHIPS Act, potentially translating into more than $50 billion in tax savings over five to six years as new U.S. fabs ramp up. With a business heavily focused on DRAM (78% of FY25 revenue) and supported by NAND (21%), Micron’s global footprint and strong U.S. presence give it both scale and political tailwinds. For investors tracking fast‑moving AI infrastructure plays and the memory cycle, Micron remains firmly on the radar, and Yik Ban Chong’s fresh Buy call at $500 adds another strong vote of confidence. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.