Micron Technology (MU) stock was up about 4% on Tuesday at the time of writing, after gaining 1.42% the previous day. Shares have advanced 18% in the past five trading sessions and are up by more than an impressive 500% over the past year, thanks to robust AI-led demand for Micron’s memory solutions. While some question the sustainability of the AI memory cycle and the impact of Alphabet-owned Google’s (GOOGL) TurboQuant compression algorithm on memory demand, several top analysts remain bullish and see strong upside in MU stock, driven by continued sales momentum and higher pricing.
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New trading tool for NVDA bearsMeanwhile, the inclusion of SanDisk (SNDK) in the Nasdaq 100 (NDX) also boosted investor sentiment for memory and storage stocks.
Top Mizuho Analyst Sees Continued Momentum
Last week, Mizuho analyst Vijay Rakesh reiterated a Buy rating on Micron stock and raised his price target to $545 from $530, saying that he continues to see upside for memory and storage companies through the first half of 2027. The 5-star analyst expects Micron to generate high-bandwidth memory (HBM) revenues of $18.9 billion, $28.1 billion, and $32.7 billion in Fiscal 2026, 2027, and 2028, respectively. These estimates reflect Rakesh’s belief that Micron will benefit from robust tailwinds in both DRAM and NAND.
He expects the HBM market to grow at a 40% CAGR (compound annual growth rate) to about $100 billion by 2028. Rakesh sees strong AI demand trends, at least into 2027. The analyst also noted near-term tailwinds in traditional DRAM and NAND, as AI drives increased usage in the consumer end markets. At the same time, AI-led demand is driving up memory prices, boosting near-term profitability.
Rakesh highlighted that Micron has begun mass production of its first PCIe Gen6 122TB eSSD to support the ramp of Nvidia’s (NVDA) Bluefield4 DPU STX racks, as NAND storage in AI clusters continues to grow.
UBS Sees Strong Upside in MU Stock
UBS analyst Timothy Arcuri also reiterated his Buy rating on Micron stock and raised his price target to $535 from $510. The 5-star analyst stated that while sentiment around memory has “turned very negative” following Micron’s gross margin forecast, UBS’ latest industry checks reflect continued strength in pricing for both DRAM and NAND.
The analyst continues to believe that the market is in the middle of a super-cycle that will “likely defy traditional analytical norms for the stock.”
Arcuri added that there are clear signs that memory companies are giving up some short-term gains for longer-term visibility and more stable earnings, margins, and returns. This boosts his confidence that the current upcycle will last longer.
Is MU a Good Stock to Buy Now?
Overall, Wall Street has a Strong Buy consensus rating on Micron stock based on 25 Buys and three Holds. The average MU stock price target of $543.20 indicates about 23% upside potential.
