Aletheia Capital analyst Warren Lau increased the price target for Micron Technology to a new Street-high of $650. This revision represents a 106% jump from the previous target of $315. The bullish outlook stems from surging demand for high-bandwidth memory (HBM) in artificial intelligence applications.
Lau projects Micron could generate between $150 billion and $200 billion in cash flow across fiscal years 2026 and 2027. The analyst expects industry-wide supply constraints to persist through 2027. Micron has already sold out its HBM supply for the 2026 calendar year.
This forecast arrives despite a recent decline in Micron shares caused by broader semiconductor selloffs and geopolitical concerns. While some institutional investors have recently trimmed their positions, Lau cites strong conviction in the company's fundamental growth. Micron continues to expand its footprint with new product launches for the AI data center market.