Citi maintained its Buy rating on Micron Technology (MU) and increased the price target on the stock to $430 from $385 ahead of the company’s quarterly results, citing surging memory prices and AI demand.
Memory chip maker Micron is slated to report its second quarter results on March 18.
“We raise our Feb-Q/Apr-Q estimates above the Street driven by better YTD [year-to-date] memory prices. Citi global memory analyst Peter Lee expects DRAM ASPs [average selling prices] to increase 171% Y/Y in 2026 on strong data center demand and NAND ASPs +127% Y/Y on robust eSSD demand. Moreover, media reports (etnews, 4 March 2026) indicate Samsung increasing the DRAM prices 100% Q/Q in 1Q,” said analysts led by Atif Malik.
The analysts noted that the big investor debate on the stock is if we are in an extended memory cycle like the 1990s Windows PC DRAM cycle on strong AI demand along with limited new fab shell capacity.
Malik and his team said that they analyze Micron stock performance versus DRAM ASPs in the prior memory cycles and believe the stock could sustain gains this year. However, the analysts added that outperformance could moderate in the second quarter off a sharp more than 100% quarter-over-quarter DRAM price hike in the first quarter.
Separately, Susquehanna also raised Micron’s price target to $525 from $345 while keeping a Positive rating.