According to Huoxing Finance, on June 8, Wells Fargo significantly raised its price target for Micron Technology (MU) from $550 to $1,220 and maintained an "Overweight" rating. The bank stated that despite Micron’s stock having already risen substantially, it remains bullish on further upside potential, primarily due to prolonged memory supply constraints, progress in collaborations with customers on advanced packaging, and the company’s strong execution capabilities. Wells Fargo believes that, amid sustained demand growth for products such as high-bandwidth memory (HBM) driven by AI, Micron is well positioned to continue benefiting from the cyclical upswing in the memory industry and maintain strong profitability. As of the time of this report, Micron Technology was trading at $925 in pre-market trading, up over 7%.
Wells Fargo raises Micron Technology target to $1,220; shares rise 7%
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Summary
Wells Fargo raised its price target for Micron Technology (MU) to $1,220 from $550, maintaining an 'Overweight' rating. The bank cited tight memory supply, progress in advanced packaging, and strong execution. On-chain data indicates that AI-driven HBM demand is a key tailwind. Micron shares rose 7% in pre-market trading to $925. Altcoins to watch may also benefit from broader tech momentum.
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