Micron (MU) stock price seems to be the star of this year’s market. The company reported stellar quarterly earnings earlier this week with revenue quadrupling year-over-year to $41.46 billion. MU’s price also climbed to an all-time high of $1242 in the after market hours following the earnings report. With record earnings and production sold out, Wall Street has further increased its outlook for MU’s price target. Barclays has raised Micron’s (MU) price target from $1175 to $2000, a near-70% increase.
How Soon Can Micron Stock Hit Barclays’ $2000 Price Target?
According to TipRanks’ data, Micron’s (MU) average stock price target from Wall Street is $1527, which is still higher than current price levels. The bullish outlook stems from high demand for Micron’s AI-based memory chips. The company’s rivals, SK Hynix and Samsung Electronics, have dominated the memory chip market amid an AI boom. Micron’s earnings report highlights that supply-demand conditions for both DRAM and NAND will remain tight beyond calendar year 2027.
Also Read: IBM Stock Price Prediction: New AI Chip to Rescue 12% Skid YTD?
While the outlook for Micron (MU) is rather bullish, it is unclear when, or if at all, the stock price will hit the $2000 mark. The market is already showing signs of weakness. MU’s price has dipped 3.43%, or 41.62 points, in the pre-market hours.
Micron’s rivals SK Hynix and Samsung Electronics have also seen massive dips amid a global stock market meltdown. In fact, South Korea’s KOSPI stock market was halted after a circuit breaker was triggered following a 8% crash.
Micron (MU), and the larger tech stock market, is seeing increased sell offs in the last week. The move could be due to investors booking profits. It may also step from rising inflation and uncertainties around the US-Iran peace deal. Some even attribute the correction to a potential AI stock bubble.