Wolfe Research analyst Chris Caso raised the price target for Micron Technology to $500 from $350. The firm maintains an Outperform rating on the stock. This 43% increase reflects memory prices rising significantly faster than previous estimates.
Powerful demand for artificial intelligence systems serves as the primary catalyst for the revision. Caso identified the growing necessity for high-bandwidth memory (HBM) and DDR5 in advanced AI servers.
Wolfe Research projects combined HBM and DDR demand will grow by 124% in 2026. The firm forecasts a further 143% increase in demand for 2027. Micron is scheduled to report its second-quarter earnings on March 18.