Micron (MU) Stock Hits $1,000 Price Target From Wall Street's Top Bull

Key Takeaways

Table of Contents

DA Davidson launches coverage of Micron with a Buy recommendation and Wall Street’s highest $1,000 price objective, suggesting approximately 91% potential gain
The optimistic outlook hinges on AI driving an extended, fundamentally transformed memory market cycle unlike historical patterns
In March, Micron secured a five-year supply agreement — an industry first among memory chip manufacturers
TD Cowen elevated its price objective to $660 from $550, reaffirming its Buy stance
Micron’s HBM market position expanded from approximately 5% in 2024 to roughly 21% in Q2 2025, surpassing Samsung

Micron Technology garnered two optimistic analyst assessments on Monday, with DA Davidson establishing Wall Street’s most aggressive price objective at $1,000 per share.

Micron Technology, Inc., MU

DA Davidson analyst Gil Luria launched coverage with a Buy recommendation, contending that artificial intelligence is fundamentally reshaping the memory sector in ways that market valuations haven’t adequately captured. His $1,000 objective represents approximately 91% appreciation potential from Micron’s latest closing price of $524.56.

The valuation derives from applying a 10x multiple to Micron’s projected fiscal 2030 earnings of $139 per share, then discounting that figure back three years using a 10% discount rate.

Luria’s fundamental thesis posits that historical memory cycles operated under a demand ceiling constraint — production capacity would eventually exceed demand, compressing margins and terminating the cycle. Artificial intelligence disrupts this traditional pattern.

“Every new computational deployment enables fresh use cases, generating additional demand that was previously nonexistent before the infrastructure came online,” Luria explained.

He additionally highlighted the emergence of extended strategic supply agreements with customers as evidence of an industry transformation. Micron disclosed a five-year supply commitment in March, marking the first such arrangement among memory manufacturers. Industry reports suggest Samsung and SK Hynix are pursuing comparable agreements with cloud hyperscalers.

HBM Represents the Primary Growth Driver

High-bandwidth memory sits at the core of Micron’s expansion trajectory. The company expanded its HBM market position from roughly 5% in 2024 to approximately 21% by Q2 2025, surpassing Samsung to claim the position of second-largest HBM provider.

Luria also emphasized Micron’s technological leadership — maintaining a four-generation advantage in DRAM and three-generation lead in NAND — as a sustained cost advantage that investors may be underappreciating.

“The market continues viewing this cycle through the framework of past downturns, which seems to undervalue the current demand landscape,” he stated.

TD Cowen Similarly Increases Price Objective

TD Cowen elevated its Micron price target to $660 from $550, maintaining its Buy rating. The firm indicated that extended supply contracts are being negotiated with gross margin parameters establishing floors around 60% and ceilings approaching the high-80s percentage range.

TD Cowen observed that the next stock catalyst centers more on sustainability than earnings surprises, with AGI-powered CPU demand potentially extending the DRAM growth narrative over the longer term.

The firm anticipates Micron’s earnings per share will exceed Street projections by approximately 20% in the May quarter — forecasting $23 versus the consensus $19 — and by 18% in the August quarter at $27 compared to $23.

TD Cowen’s calendar year 2027 EPS projection stands at $110, marginally above the consensus estimate of $106.

The firm did acknowledge potential near-term challenges in the year’s latter half, observing that historical transitions from elevated to compressed gross margins have typically pressured the stock.

Micron’s present gross profit margin registers at 58.44% over the trailing twelve months, with shares trading at a P/E multiple of 23.42.

Melius Research also recently launched coverage with a Buy rating and $700 price target, projecting 41% appreciation potential.

Micron stock traded at $495 on Monday, declining approximately 5.6% during the session.