Bank of America Hikes Micron Target to $1,550, Citing AI Memory Shift

Bank of America reiterated its Buy rating for Micron Technology. The bank raised its price target to $1,550 from $1,250.

Analyst Vivek Arya expects the memory chip industry to transition from a cyclical boom-and-bust model to sustained earnings power. This outlook follows insights from competitor SanDisk’s recent investor day.

The bank identified AI-driven High-Bandwidth Memory (HBM) demand as a primary driver for this shift. It also cited disciplined industry supply as a key factor for future growth.

BofA projects Micron’s earnings per share could reach $200 to $250 by 2030. This forecast significantly exceeds current Wall Street consensus estimates. The bank also named Micron a top conviction pick.