Micron Technology’s stock surged nearly 11% to a 52-week high of $1,097.47 on June 15, propelled by major analyst upgrades. Firms including TD Cowen and RBC Capital Markets significantly raised their price targets, citing sustained AI-driven demand for High Bandwidth Memory. With Micron’s quarterly earnings report scheduled for June 24, investors are weighing whether to buy now or wait for further clarity.
Micron Technology stock reached a 52-week high of $1,097.47 on June 15, closing at $1,087.99 after a surge of nearly 11%. This momentum followed significant analyst upgrades over the same weekend, setting the stage for the company’s upcoming earnings report on June 24.
Analysts sharply increased their price targets for Micron. TD Cowen’s Krish Sankar raised his target to $1,500 from $660, while RBC Capital Markets’ Srini Pajjuri moved his to $1,200 from $525.
The upgrades are based on AI-driven demand for High Bandwidth Memory (HBM) outpacing supply. Both firms project the current DRAM upcycle could last an additional five to six quarters.
“Demand for memory used in AI systems is still running ahead of supply, and that could keep prices stronger for longer,” Sankar stated. He also forecasts earnings of around $23 per share for the third quarter, above Wall Street’s consensus.
Micron’s HBM capacity is reportedly sold out through 2026, with long-term supply agreements already in place. The company has been certified by Nvidia to supply HBM4 for its upcoming Vera Rubin AI platform.
For the third quarter, Micron guided to gross margins of approximately 81% and revenue of roughly $33.5 billion. Some analyst estimates, however, range as high as $40.9 billion, indicating strong market optimism.
The central question for investors is whether to buy before the June 24 earnings. The stock has seen a parabolic rise year-to-date, and the earnings bar is now objectively high.
Buying ahead of the report carries obvious risk, while waiting provides clearer data on pricing and HBM revenue growth. The upcoming earnings will answer key questions the market has been asking.
