A Wall Street Analyst Just Placed a $3,000 Price Target on Micron: Here Are the Cases For and Against a 200% Surge in the Stock.
DA Davidson analyst Gil Luria shocked the market on Wednesday by setting a $3,000 12-month price target for memory maker Micron (NASDAQ: MU), representing nearly 200% upside from the stock’s Tuesday close. The stock has already risen about 1,500% since last April and was up 266% year to date.
Micron is one of the big three memory makers, along with its South Korean counterparts Samsung (OTC: SSNLF) and SK Hynix (NASDAQ: SKHY). The company derives about three-quarters of its revenue from DRAM (dynamic random access memory) and a quarter from NAND flash memory. The company has been riding the memory supercycle, seeing a huge surge in revenue and gross margins as a serious shortage has pushed memory prices sharply higher.
Let’s look at the cases for and against this AI stock delivering such a huge upside from here.
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