Barclays analyst Tom O'Malley raised the Micron Technology (MU) price target to $1,175 from $675. O'Malley also reiterated an "Overweight" rating on the stock.
The upward revision reflects a positive outlook on the memory and storage sectors.
Micron is shifting toward multi-year Strategic Customer Agreements (SCAs). These long-term deals replace annual contracts and quarterly negotiations to improve visibility and stability.
Barclays expects a persistent supply-demand imbalance in the memory market through 2027. This imbalance will support continued pricing strength for Micron products.
The firm ranks memory and storage as the most attractive semiconductor sector outside of AI accelerators.