March 15, 2024.

Micron Technology’s (NASDAQ:MU) fiscal second-quarter 2024 earnings report, which is expected to be out come March 20, analysts from Citi Research have revised their price target for this publicly-traded company, reaching a record-setting figure among Wall Street firms. The price target has seen a rise from $95 to a hefty $150. Accompanying this, they have also increased their earnings per share (EPS) forecast for fiscal year 2025, from $6.38 to $6.65. This revision sparked a surge of more than 2% in Micron’s shares it closed at $93.25 on Friday trading.

Analysts, relying on their evaluations, speculate that Micron’s performance will surpass the ongoing consensus estimates and provide a brighter forecast for the fiscal third quarter of 2024. The positive outlook is largely attributed to robust DRAM pricing and the introduction of High Bandwidth Memory (HBM), a component of Nvidia AI systems. These products are applauded for rendering superior pricing and lucrative profit margins.