Micron Technology Surges Over 7% Pre-market; Wells Fargo Significantly Raises Micron Technology's Price Target to $1220

BlockBeats News, June 8th, Wells Fargo raised Micron Technology (MU)'s price target from $550 to $1220 and maintained an "Overweight" rating.

The bank stated that despite Micron's stock price having risen significantly before, they remain optimistic about its further upside potential. The main reasons include the continued duration of the tight memory supply, progress in advanced packaging collaborations with customers, and the company's strong execution performance.

Wells Fargo believes that with AI driving the continued growth in demand for High Bandwidth Memory (HBM) and other products, Micron is expected to continue benefiting from the favorable storage industry cycle and maintain a strong profitability.

At the time of publication, Micron Technology was temporarily trading at $925 in pre-market trading, up over 7%.