Stock Track | Micron Technology Soars 5.15% in Pre-market on Analyst Upgrade and Strategic Supply Deal

Stock Track20:33

Micron Technology's stock surged 5.15% in pre-market trading on Tuesday, marking a significant rebound from recent volatility in the semiconductor sector.

The sharp increase follows a KeyBanc analyst raising the price target on Micron to $1,750 from $1,600, maintaining an Overweight rating. The analyst cited persistent memory shortages and a tight supply environment expected to last through 2027, with forecasts for DRAM prices to rise 15%-20% in the current quarter and high-bandwidth memory (HBM) prices potentially more than doubling next year due to AI demand.

Additionally, Micron announced a $500 million strategic financing commitment to GlobalWafers, paired with a 10-year supply agreement for 300mm silicon wafers. This move is part of the company's broader plan to invest up to $3 billion in strengthening the U.S. semiconductor supply chain and securing critical raw materials for DRAM, NAND, and HBM production.

The pre-market rally also reflects a broader recovery in chip stocks, with the sector rebounding after a selloff in the previous session. Wall Street consensus remains bullish on Micron, with the average price target around $1,579 according to FactSet, as analysts anticipate sustained profit growth driven by unprecedented AI-related memory demand.

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