Micron Technology shares rose sharply in midday trading after a major sell-side upgrade tied to the AI-driven memory cycle. The move lifted other memory and storage names, including SanDisk and Western Digital. UBS increased its Micron price target substantially and projected sustained earnings strength through at least 2029, framing Micron as a durable AI infrastructure supplier rather than a cyclical commodity producer. The upgrade cited long-term supply agreements that improve pricing and demand visibility. Micron reported strong quarterly results with large year-over-year revenue growth and rapid expansion in its cloud memory business. SanDisk benefited from NAND demand and datacenter momentum following its separation catalyst.
"We believe the market will start to put a more 'normal' multiple on the stock, and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex."
"UBS lifted its Micron price target from $535 to $1,625, arguing that long-term memory supply agreements will lock in pricing and demand visibility across the industry. The firm expects EPS to exceed $100 at least until 2029, reframing Micron from cyclical commodity producer to durable AI infrastructure play."
"Micron's most recent quarter, detailed in its SEC filings, delivered revenue of $13.64 billion, up 57% year over year (YoY), with Cloud Memory Business Unit revenue of $5.28 billion nearly doubling. Micron stock is up 839% over the past year."
"SanDisk is the NAND pure-play that spun out of Western Digital in February 2025, and it has become arguably the most explosive AI-era winner in storage. SNDK shares are up 3,808% over the past year, capturing both the separation catalyst and an enormous datacenter inflection."
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