Micron (MU) Surges 10.8% as Analysts Boost Targets to $1,500, Cite AI-Driven Memory Boom

Micron Technology (MU) jumped 10.8% to $1,087.99 on June 15, 2026, as Wall Street analysts sharply raised price targets ahead of the company's earnings report. TD Cowen's Krish Sankar upgraded his target from $660 to $1,500, while RBC Capital Markets' Srini Pajjuri lifted his forecast from $525 to $1,200, implying 20% upside. Analysts cited escalating memory demand from AI infrastructure and agentic AI workloads, which require additional CPU racks paired with extensive memory. The current DRAM upcycle has reached its 12th quarter, compared to 8-9 quarters in 2014 and 2018 cycles. Pajjuri forecasts the rally could extend another 5-6 quarters, driven by high-bandwidth memory (HBM) expansion. HBM, which commands premium pricing and is less cyclical, is expected to represent a larger share of Micron's DRAM revenue in 2027. Supply growth remains constrained by limited cleanroom capacity at fab facilities. Sankar noted that long-term supply agreements—similar to SanDisk's recent multi-year contracts—could secure gross margins above 70%, significantly exceeding the market's 60% baseline expectation for 2030.