This Analyst Just Met Micron’s Investor Relations Team. He Thinks It’s a $3,000 Stock.

On Oct. 7, D.A. Davidson analyst Gil Luria raised his Micron Technology (MU) price target from $2,100 to $3,000 while keeping a Buy rating. What’s interesting is that the old target was already the highest on Wall Street, and that’s now been raised by nearly 43%. The new target implies the stock could nearly triple from its current price. Luria made the call after meeting with Micron’s investor relations team. He came away believing investors are still early in understanding what Micron is worth. In his view, AI has turned memory into a critical part of AI systems, and demand should stay ahead of supply through 2027 and 2028.

The key detail is where the upside comes from. Luria’s target values Micron at 19 times his fiscal 2027 EPS estimate of roughly $158. That estimate is actually below the Wall Street consensus. So Luria isn’t counting on bigger earnings than everyone else. He’s betting investors will pay a much higher multiple for them. BofA, for comparison, expects slightly higher earnings than Luria but has a $1,550 target. In other words, Micron's path to $3,000 depends as much on investor confidence as it does on earnings.