$Micron Technology(MU)$ Melius

$Micron Technology(MU)$ Melius Research analyst Ben Reitzes raised his price target on Micron to a Street-high $1,100 from $700, while keeping a Buy rating.

He remains positive on memory and AI chip companies, as strong AI demand continues to tighten supply across the sector. He noted that Wall Street may still view memory companies as highly cyclical chip stocks, even though AI demand is making the business more stable over time.

He also pointed out that major cloud companies are signing long-term supply deals and paying upfront to secure memory, which improves revenue visibility. A key reason for his bullish view is Micron's HBM business. The report says HBM supply is already sold out through calendar 2027, giving MU strong pricing power and supporting higher profit margins. Micron's HBM makes advanced, high-speed memory chips used in AI chips and data centers, enabling faster data processing for AI models, which is in strong demand from cloud companies.

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