Micron Technology reported record-breaking fiscal third-quarter results on June 24.
Susquehanna raised its price target for the stock to $2,000. Needham increased its target to $1,650. Wedbush boosted its target to $1,400.
Surging demand for high-bandwidth memory (HBM) chips used in AI infrastructure fueled the upgrades. The company also disclosed 16 new long-term strategic customer agreements.
These contracts provide unprecedented visibility for future revenue and profit margins. This shift reduces investor concerns regarding the semiconductor industry's historical cyclicality.