Micron $MU ( ▲ 7.31% ) is getting another boost as Wall Street piles on with bullish calls, all pointing to the same thing. DRAM prices are ripping higher into year-end, and analysts think Micron is about to post one of its strongest quarters of the cycle.
Citi raised its price target to $300 and said it expects Micron’s December 17 earnings to easily top forecasts. The big driver is memory pricing. Citi sees DRAM jumping about 50 percent quarter over quarter in Q4, which would be one of the steepest moves the industry has seen in years.
DRAM accounts for nearly four-fifths of Micron’s revenue, so even a modest swing in pricing hits earnings fast. With AI infrastructure build-outs accelerating, the once-boring commodity memory chip has quietly become one of the tightest markets in tech.
Other analysts are joining the party. HSBC just initiated coverage on Micron with a buy rating, adding to a month full of upgrades and target hikes. The stock has already been one of the top performers in the S&P 500 this year, and rising memory prices suggest the momentum may not be done yet.
If DRAM keeps climbing into 2026, Micron could remain one of the purest plays on the AI hardware supply crunch.