New York, June 15, 2026, 15:46 ET
- Micron rose about 10% Monday, with memory-chip names rallying along with the rest of the semiconductor sector as AI kept driving gains.
- TD Cowen and RBC hiked their Micron price targets by a wide margin. But top bear arguments are still the stock’s valuation and concerns about the memory cycle.
- Micron has its fiscal third-quarter earnings call on June 24. The event is expected to be the next big catalyst.
Micron Technology shares jumped Monday, trading at $1,081.27 in recent action, up $99.66 from the prior close. The stock touched a low of $1,033.46 and a high of $1,097.35. Market cap crossed $1.2 trillion. Chip and memory stocks climbed sharply. The Philadelphia Semiconductor Index rose more than 4% to a fresh high. Memory and data-storage stocks led the advance.
Micron shares surged as traders looked for bigger profits. The stock often rises on sales strength or better margins, and this time the move came after a string of price target hikes on AI bets. TD Cowen took its target to $1,500 from $660. RBC upped its target to $1,200 from $525. Both cited stable DRAM demand for servers and PCs, with more high-bandwidth memory heading into AI markets.
Micron’s old cycle isn’t playing out. Revenue soared to $23.86 billion last quarter, a jump from $8.05 billion the previous year. Non-GAAP earnings per share hit $12.20 and margins landed at 74.9%. CEO Sanjay Mehrotra said in the release, “In the AI era, memory has become a strategic asset for our customers,.” Next up is fiscal Q3 on June 24. Investors want numbers on demand, pricing, margins, and the supply setup. Micron Technology Micron Technology
Bulls are counting on tight memory supply for AI servers and on Micron’s own Q3 revenue guidance at $33.5 billion, plus or minus $750 million. Micron is looking for non-GAAP EPS of $19.15, up or down 40 cents. Memory is still a cyclical business, with profits moving when supply catches demand. Shares fell after Micron’s March results as investors zeroed in on capex spending—Micron is putting more into plants and gear, Reuters said. “Has no signs of easing any time soon,” Creative Strategies CEO Ben Bajarin told Reuters about demand, but pointed to higher capex as a hurdle for returns. Micron Technology Reuters
Micron is trading as attractive but risky, not outright cheap, with the trailing P/E around 51. Bulls expect profits will keep beating past cycle peaks. Analysts from TD Cowen, RBC, and Wolfe have targets above current levels, but Benzinga’s consensus stands at $890.86, just under where the stock closed Monday. That’s the setup traders have right now. Shares could go higher if the June 24 report points to tight supply, strong AI demand, and good pricing. But weak guidance, higher capex, or a sense the AI-memory trade is over could send the stock down.
