Micron Surges to Record High as Bulls Circle Ahead of June 24 Earnings

Micron Technology (NASDAQ: MU) stormed to an all-time high on Monday, with shares climbing over 10% to close at $1,088 — touching an intraday peak of $1,097.47 — as a broad market risk-on wave combined with blockbuster analyst target increases which sent the memory chipmaker into record territory.

The wider catalyst was a preliminary US-Iran peace agreement announced over the weekend, which sent the Nasdaq Composite jumping 3% and the Dow Jones Industrial Average to a fresh record high.

With geopolitical risk easing and oil prices falling sharply, investors rotated aggressively back into growth and technology. Few benefited more than semiconductor stocks — the iShares Semiconductor ETF (SOXX) also hit a record, gaining over 4%, with Western Digital surging 13% and AMD adding around 8%.

But Micron had its own powerful tailwinds. TD Cowen lifted its price target to $1,500 from $660, maintaining a Buy rating, arguing that higher DRAM content per 1GW in AI data centres supports an elevated earnings estimate of roughly $150 per share for calendar year 2027.

The firm noted that growing CPU demand has extended pricing strength expectations further into the second half of 2027.

Meanwhile, RBC Capital raised its target to $1,200 from $525, reiterating an Outperform rating. Analyst Srini Pajjuri flagged that the current DRAM upcycle is already in its 12th quarter, with a credible path to another five to six quarters of expansion as GenAI demand and the secular shift toward inferencing and Agentic AI drive memory content higher.

All eyes turn to Micron’s fiscal third-quarter earnings on June 24, where investors will look for confirmation that the pricing cycle — and this historic rally — has further to run.