Attractively Valued Micron Stock Seems Poised for Further Upside After Q3 Earnings

The rally in Micron (MU) stock has been nothing short of a dream run. In the last 52-weeks, MU stock has returned almost 800%. The most important point about this rally is that it’s not euphoria. It’s purely based on fundamental developments for the company and industry.

It’s therefore not surprising that analysts remain bullish on Micron's stock. With Q3 results on June 24, Needham has reiterated its “Buy” rating for MU stock and increased the price target to $1,550. At the core of this bullish thesis is continued strength in the memory market and limited capacity additions. Recently, Deutsche Bank also raised Micron stock’s price target to $1,500 with “AI-driven DRAM demand and pricing tailwinds” being the key factors.