Raymond James Doubles Price Target to $1,100 as Micron Hits $1 Trillion Market Cap
MU•Raymond James more than doubled Micron’s price target to $1,100, citing robust AI-driven memory demand, long-term supply commitments and pricing strength despite capacity constraints. Nvidia’s push into high-bandwidth memory helped Micron’s stock surge tenfold past a $1 trillion market cap and fuel a $14 billion quarterly profit.
1. Price Target Surge by Raymond James
Raymond James more than doubled its price target to $1,100 and reiterated an Outperform rating, citing robust AI-driven memory demand, secured supply commitments and pricing strength, while warning that limited industry capacity could constrain near-term revenue and lead to gradual margin normalization.
2. Nvidia Partnership Drives HBM Focus
Nvidia’s push into specialized high-bandwidth memory spurred Micron to co-design HBM chips optimized for AI processors, marking a strategic shift from commodity DRAM to higher-margin, long-term agreements with major AI customers.
3. Stock Rally and Market Cap Milestone
Micron’s shares have soared nearly tenfold over the past year, propelling its market capitalization above $1 trillion and elevating it into an elite group of semiconductor companies valued at over a trillion dollars.
4. Profit Rebound and Market Outlook
The company posted a $14 billion profit in its latest quarter after a $5.8 billion loss in 2023, and projects the high-bandwidth memory market it serves will expand to about $100 billion by 2028, underpinning its growth trajectory.
