Analyst Timothy Arcuri wrote that AI-driven demand gives the memory-chip maker more visibility and a smoother earnings path than past cyclical swings
Micron jumped after UBS more than tripled its price target, sending the stock to a series of intraday records and briefly past the market-cap threshold that would value it at $1 trillion.
The Swiss bank raised its target from $535 to $1,625, implying roughly 115% upside from Micron’s Friday close of $751.
Analyst Timothy Arcuri wrote that AI-driven demand gives the memory-chip maker more visibility and a smoother earnings path than past cyclical swings.
The stock climbed about 17% intraday to roughly $880.54, notching its 30th intraday all-time high of the year and momentarily eclipsing the $886.74 level that would value Micron at $1 trillion.
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UBS’s target translates to an implied market cap of roughly $1.8 trillion, according to Bloomberg, which would rank Micron among the seven largest U.S. companies behind Nvidia, Alphabet, Apple, Microsoft, Amazon and Broadcom and ahead of Tesla, Meta and Berkshire Hathaway.
The rally rippled across semiconductors, with Marvell Technology, ON Semiconductor, AMD, Lam Research, Qualcomm and Wolfspeed among early gainers while the Philadelphia Semiconductor Index also hit an intraday record.
