Micron Shares Hold Steady at $1,000 With Record High in Sight as Citi Sees Rise to $1,300

TradingKey - Micron stands firm above the $1,000 mark as Citi expects a push to new record highs, raising its target price to $1,300.

On September 23 Eastern Time, shares of Micron Technology (MU) consolidated at high levels, edging down 0.56% in pre-market trading to $1,090. Yesterday, Micron's stock continued to surge after opening, closing up 5% to firmly hold above the $1,000 mark at $1,096.16, hitting its highest level since July 1 this year.

Micron stock chart, Source: TradingView

As Micron's stock price rebounded, it further narrowed the gap with its all-time high of $1,255.00, leaving a remaining upside of roughly 15%. However, amid concerns over AI safety, the market remains skeptical about Micron returning to its record peak. Nevertheless, Citi remains strongly bullish on Micron.

In its latest report, Citi raised its target price on Micron from $1,150 to $1,300 per share while maintaining a "Buy" rating. Citi noted that Micron's revenue and margin performance in the August and November quarters will be significantly higher than previously forecasted, prompting a substantial upward revision to its earnings model and target price.

As a core supplier to AI chip giants such as Nvidia (NVDA) and AMD (AMD), Micron's high-bandwidth memory (HBM) capacity is in short supply. Not only does it boast extremely high margins, but it has also secured long-term customer contracts, providing the company with highly predictable free cash flow and revenue growth.

Beyond AI servers, enterprise server upgrades and significant increases in memory capacity per device for AI PCs and AI smartphones are driving the broader memory industry into a strong new upward cycle, which serves as a key catalyst supporting Micron's stock price rally.

Next Wednesday (September 30), Micron is set to release its fourth-quarter financial results for fiscal year 2026, which will be the most direct factor determining whether its stock price can hit new highs. Currently, the market is primarily focused on management's latest guidance regarding HBM shipments, gross margin, and capital expenditure plans for the coming quarter.