Micron Stock Today (MU, November 20, 2025): UBS Hikes Target to $275 as AI Rally Collides With Capex Jitters

Micron Technology stock is back in the spotlight today, 20 November 2025, as Wall Street digests a powerful mix of bullish analyst upgrades, a global AI-driven rally in chip names, and fresh commentary from Micron’s own executives about rising capital spending.

As of early U.S. trading, Micron (NASDAQ: MU) is changing hands around $230 in pre-market trading, up roughly 2% from Wednesday’s close of $225.92. ^[1] Overnight extended-hours quotes briefly topped $235, implying gains of more than 4% at one point, and by 8:00 p.m. ET Micron was trading at $235.80 in the after-hours session. ^[2]

Under the surface, today’s story is about three things:

UBS lifting its Micron price target to $275 on persistent high-bandwidth memory (HBM) tightness. ^[3]
Micron’s CFO signaling higher capital spending ahead at RBC Capital Markets’ Global Technology conference. ^[4]
The broader AI-chip boom, with Nvidia’s blockbuster earnings pulling the entire sector – including Micron – higher. ^[5]

Here’s a detailed look at Micron stock today and the news driving MU on November 20, 2025.

Micron Stock Price on November 20, 2025

Baseline levels

Wednesday close (Nov 19, 2025): $225.92, down 1.1% on the day after trading in a wide $216.36–$234.35 range. ^[6]
Pre-market today (approx. 6:00 a.m. ET): $230.52, up about 2.0% from the prior close. ^[7]
Overnight extended trading (4:00 a.m. ET snapshot): $235.37, a 4.2% gain versus Wednesday’s close. ^[8]
After-hours snapshot at 8:00 p.m. ET: $235.80, up 4.37% from the regular-session level. ^[9]

Bigger picture

52-week range: $61.54 – $260.58. ^[10]
Recent trading saw Micron hit an all‑time high around $257.45, with a one‑year gain of roughly 160%+. ^[11]
MarketBeat notes Micron started 2025 at $84.16; at ~$226, that’s about a 168% year‑to‑date gain. ^[12]

In other words, MU is pulling back slightly from peak levels but still sits in rarefied air after a massive AI‑memory run.

Key Micron News for November 20, 2025

News specifically hitting on or for 20 November 2025 includes:

UBS raises its Micron price target to $275 (from $245), reiterating a Buy rating and highlighting that Micron’s HBM capacity is effectively booked through the end of 2026. ^[13]
Micron CFO Mark Murphy and CTO Scott DeBoer speak at RBC’s 2025 Global Technology conference, hinting at upward pressure on capital spending even as margins and cash flow improve. ^[14]
Micron confirms the date for its next earnings release: fiscal Q1 2026 earnings call on December 17, 2025, at 2:30 p.m. Mountain time. ^[15]
Institutional flows remain strong, with MarketBeat reporting that Alteri Wealth LLC initiated a new position in Micron and highlighting that around 80%+ of MU shares are held by institutions. ^[16]
Global AI rally: Reuters reports that Nvidia’s blow‑out results have sparked a global tech surge, with Micron among U.S. chipmakers gaining between 1–3% as investors pile back into AI hardware plays. ^[17]

Together, these headlines capture the tug‑of‑war around Micron today: powerful AI‑driven demand and bullish analyst revisions versus concerns about how much Micron will need to spend to keep up.

UBS Lifts Micron Price Target to $275: Why Analysts Are Still Bullish

In the most eye‑catching call today, UBS boosted its Micron price target to $275 while reiterating a Buy rating. That new target implies roughly 22% upside from Wednesday’s closing price around $226. ^[18]

According to the UBS note (summarized via Investing.com): ^[19]

Micron’s high‑bandwidth memory (HBM) is fully booked through year‑end 2026, reflecting a structural shortage as AI data centers race to secure capacity.
Trailing 12‑month revenue has grown about 49%, and UBS expects core DRAM profitability to strengthen further, with standard DDR margins potentially surpassing HBM margins in early 2026.
The firm notes Micron’s year‑to‑date share price return of roughly 170%, yet believes the stock still trades near its estimated fair value when factoring in earnings power for FY 2026 and beyond.
UBS sees EPS for FY 2026 approaching $17 per share, underscoring a view that today’s elevated margins and pricing may be more durable than in past memory cycles.

UBS also points to aggressive price increases in DRAM, including quarter‑over‑quarter hikes of around 20% for DDR5 and even steeper increases in some mobile DRAM contracts, as evidence of robust pricing power in Micron’s favor. ^[20]

Taken together, the upgrade reinforces a narrative that Micron is no longer just a classic boom‑bust memory name but a cornerstone supplier in the AI infrastructure stack.

RBC Conference: Higher Capex, HBM4 Ramp and Margin Outlook

If UBS provided the optimism, Micron’s own executives supplied the nuance.

At RBC Capital Markets’ 2025 Global Technology conference in New York, CFO Mark Murphy said Micron’s current annualized capital expenditure run‑rate of around $18 billion is likely to come under “pressure” as the company builds out capacity for tight memory markets that are expected to stay constrained beyond 2026. ^[21]

Key takeaways from the RBC fireside chat: ^[22]

Capex likely to rise: Murphy stressed that Micron will remain “disciplined” on investment, but multi‑year customer agreements and persistent supply tightness mean spend is unlikely to fall back quickly.
Technology leadership: CTO Scott DeBoer described Micron as being in its “strongest position in history,” pointing to mature yields on its latest “gamma” DRAM node, leadership in 3D DRAM, and growing traction in PCIe Gen 6 SSDs for data centers.
HBM4 timeline: HBM4 shipments are expected to begin in Micron’s second fiscal quarter, with production ramping into the second half of FY 2026, positioning the company for the next wave of AI accelerator demand.
Improving balance sheet: Murphy highlighted a “significant increase in cash flow,” calmer debt dynamics, and an expectation that Micron will reach a net cash position in the near term.
Margin outlook: Management guided that fiscal Q2 margins should be stronger than Q1, despite heavy investment.

The immediate market reaction to the capex comments was slightly negative – Investing.com reports Micron stock initially fell about 1% on the day of the talk – but the details also underscore how deeply tied Micron now is to long‑term AI infrastructure build‑outs. ^[23]

Record 2025 Results: The AI Memory Boom in the Numbers

Behind today’s price action is a very different Micron than the one investors knew during the last downcycle.

For fiscal 2025, Micron delivered:

Revenue of roughly $37.4 billion, up about 49% from $25.1 billion the prior year. ^[24]
GAAP net income of $8.54 billion and EPS of $7.59, a near ten‑fold increase versus FY 2024. ^[25]
Significantly higher gross margins, expanding to around 41%, helped by premium AI data‑center products and strong DRAM pricing across end markets. ^[26]

StockAnalysis and Micron’s own investor materials show that HBM, high‑capacity DIMMs and other data‑center‑focused products have grown into a $10+ billion annual revenue stream, more than five times last year’s level. ^[27]

This is the core of the Micron bull case: the company is riding a multi‑year AI compute upgrade wave where memory and storage are the bottleneck, not just the GPUs themselves.

What Wall Street Is Saying About MU Stock Now

Even after its spectacular run, Micron remains broadly loved on the Street – though there’s growing debate about how much upside is left in the near term.

A snapshot of current sentiment:

Consensus rating: “Buy.”
- MarketBeat counts 5 Strong Buys, 26 Buys and 4 Holds, with no Sell ratings. ^[28]
- StockAnalysis similarly reports an overall “Buy” rating from 31 analysts. ^[29]
Consensus price targets (and how they compare to today’s price):
- MarketBeat: average target $214.57, implying ~5% downside from ~$226. ^[30]
- StockAnalysis: average target $203.57, roughly 10% below the latest pre‑market price. ^[31]
- Benzinga: broader analyst consensus target $209.21, with a high of $325 (Morgan Stanley) and a low of $84 (China Renaissance). ^[32]
Recent bullish calls:
- Morgan Stanley recently lifted its Micron target from $220 to $325, naming it a top pick for 2026 as memory shortages drive higher DRAM pricing. ^[33]
- Rosenblatt raised its target to $300, and Wells Fargo now also sits at $300, all maintaining overweight or buy‑type ratings. ^[34]
- UBS’s fresh move to $275 slots in just below the most aggressive targets but well above consensus. ^[35]

Valuation‑wise, Micron trades at a trailing P/E around 30 and a forward P/E in the low teens, with a PEG ratio near 0.5 based on projected earnings growth – numbers that many growth investors view as attractive given AI‑driven demand, but which also bake in high expectations. ^[36]

Institutional Buying and Insider Selling

Today’s MarketBeat piece highlights continued institutional interest in Micron: Alteri Wealth LLC disclosed a new position of 2,890 shares worth roughly $356,000, while several other wealth managers modestly increased their stakes. ^[37]

Overall, about 80.8% of Micron’s float is held by institutions, underscoring strong professional conviction. ^[38]

At the same time, insider activity has tilted toward selling:

MarketBeat and SEC filings show EVP Scott DeBoer and CFO Mark Murphy each selling large blocks of stock in late October, with total insider sales over the past 90 days exceeding $85 million. ^[39]

Insider selling at these price levels doesn’t automatically signal trouble – executives often diversify after huge rallies – but it is one data point cautious investors will track.

Long-Term Perspective: Micron as an AI Infrastructure Play

The question many investors are asking today is whether it’s too late to buy Micron after such a massive run.

Recent commentary from outlets like Nasdaq and The Motley Fool emphasizes that: ^[40]

Micron has delivered multi‑bagger returns over the past decade, rewarding long‑term holders despite sharp drawdowns in prior memory cycles.
The company’s role has shifted from a swing‑factor commodity DRAM supplier to a core “picks and shovels” provider for AI, supplying critical HBM, high‑capacity DIMMs and advanced SSDs to cloud and enterprise customers.

Still, the path is unlikely to be smooth. Memory pricing, AI spending cycles and capex plans can all cause volatility – as evidenced by the quick 1–2% swings around today’s RBC and UBS headlines.

What to Watch Next for Micron Stock

Looking beyond today, here are the key catalysts MU investors will be watching:

Fiscal Q1 2026 Earnings – December 17, 2025
- Micron will report results and host its earnings call on December 17 at 2:30 p.m. Mountain time, with Wall Street watching for updated guidance on DRAM/HBM pricing, supply tightness and AI data‑center demand. ^[41]
HBM4 Ramp and Capacity Plans
- Details on HBM4 shipments starting in Q2 and how quickly Micron can ramp without crushing margins will be crucial. ^[42]
Capex vs. Free Cash Flow
- Investors will scrutinize how much Micron’s planned capex increases eat into free cash flow, and whether the company can reach its stated goal of a net cash position while still funding growth. ^[43]
Broader AI and PC/Server Demand
- Nvidia’s latest earnings show AI demand remains red‑hot, lifting the entire chip complex including Micron. Any slowdown in hyperscaler spending or AI infrastructure builds could change that narrative quickly. ^[44]
Geopolitics and New Fabs
- Micron’s global footprint – from U.S. megafabs to new projects in places like India and Japan – means policy moves, subsidies, and export controls can all swing sentiment on MU.

Bottom Line on Micron Stock Today

On November 20, 2025, Micron stock sits at the crossroads of explosive AI‑driven growth and rising investment needs:

Price action shows MU bouncing after a small pullback, aided by Nvidia‑led AI optimism and fresh analyst upgrades.
UBS’s new $275 target and a cluster of $300–$325 calls from other firms underscore just how bullish top‑tier analysts remain on Micron’s AI memory opportunity. ^[45]
Management’s own tone is confident on margins and cash flow – but candid about the reality that capex will likely stay elevated to meet multi‑year customer commitments. ^[46]

For investors, Micron today is not a quiet value name; it’s a highly cyclical, AI‑levered infrastructure play that has already delivered extraordinary returns in 2025 and could still surprise on the upside – or experience sharp corrections – as the AI memory cycle evolves.

As always, this article is for informational purposes only and is not financial or investment advice. Anyone considering an investment in Micron should evaluate their own risk tolerance, time horizon, and diversification needs, and consider consulting a licensed financial professional.

Up 198% in 2025, Is it too Late to Buy Micron Stock? | MU Stock Analysis