Micron Technology's stock surged 5.01% in pre-market trading on Thursday, extending a recent rally for the memory chipmaker.
The sharp rise follows a wave of bullish analyst actions. Rosenblatt Securities significantly raised its price target on Micron to $1,200 from $600 while maintaining a Buy rating. Similarly, Stifel lifted its target to $1,500 from $550, and Deutsche Bank increased its target to $1,500, citing a prolonged AI-driven storage supply-demand imbalance. These upgrades reflect strong confidence in Micron's financial outlook and robust memory pricing trends.
Further fueling the positive sentiment were comments from Apple CEO Tim Cook, who indicated the iPhone maker plans to raise prices to offset "surging memory and storage chip costs." This statement underscores the intense demand for memory chips, which is being amplified by the artificial intelligence boom driving requirements in data centers. Investors are betting that Micron, as a key supplier, will continue to benefit from this favorable market dynamic.