Micron Technology shares surged over 5% Monday to reach a new 52-week high.
Needham raised its price target for the stock to $1,550 from $500. The firm maintained its Buy rating on the chipmaker.
Analysts cited a strengthening memory market and robust demand driven by artificial intelligence. The upgrade also reflects a favorable pricing environment and better demand visibility from long-term agreements.
Micron reports fiscal third-quarter earnings on June 24. Several other Wall Street firms have also recently increased their price targets for the company.