Rosenblatt Securities has significantly raised its price target for Micron Technology (NASDAQ: MU) from $600 to $1,200, maintaining a 'Buy' rating just ahead of the company’s fiscal Q3 earnings report. The analyst cites strong demand for memory products, particularly driven by advancements in artificial intelligence, which require increased amounts of DRAM and NAND flash memory. The firm highlights limited supply growth in the industry, with no substantial new wafer capacity expected for about a year, potentially supporting pricing stability across key memory categories. Additionally, high-bandwidth memory (HBM) is identified as a promising growth area. The outlook suggests the current industry upcycle may last longer than previously thought due to this combination of factors.

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Veteran Analyst Firm Hikes Micron Stock Target 100% Just Before Earnings

Nauman Khan

Thu, June 18, 2026 at 1:22 PM EDT1 min read

MU \ +8.70%

This article first appeared on GuruFocus.

Micron Technology ( NASDAQ:MU) is seeing continued support from Wall Street ahead of its fiscal third-quarter results on June 24, as Rosenblatt maintained its Buy rating and increased its price target to $1,200 from $600.

The firm said Micron remains well positioned as demand for memory products continues to expand. Rosenblatt noted that industry supply growth remains constrained, with meaningful new wafer capacity not expected for roughly another year. That supply backdrop may help support pricing across key memory categories.

According to the analyst, demand from data center operators remains robust, particularly as artificial intelligence deployments require larger amounts of DRAM and NAND flash memory. Rosenblatt subsequently raised its forecasts and now expects stronger average selling prices for both product segments.

The firm also pointed to high-bandwidth memory, or HBM, as a potential growth driver for Micron. HBM is increasingly used in AI servers and advanced computing systems, and Rosenblatt believes improving pricing trends in that market could contribute to higher profitability.

Rosenblatt said the combination of healthy demand, limited supply additions, and growing AI-related memory requirements suggests the current industry upcycle may extend longer than previously anticipated.