Micron (MU) Stock Is Up 570% in One Year – Could It Really Double Again?

TLDR

• MU stock is up 90% year to date and more than 570% in the past year
• 27 out of 30 Wall Street analysts rate MU a Buy, with zero Sell ratings
• Price targets range from $400 to $1,000, with the upside suggesting ~84% upside.
• Revenue jumped from $13.6 billion to $23.9 billion in two quarters, with expectations of $33.5 billion next quarter.
• Micron can only meet half to two-thirds of current demand in the medium term

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Micron Technology (MU) stock is up 90% year to date, trading at around $541.99, and Wall Street isn’t done yet. One analyst set a price target of $1,000 on the stock, the highest on the Street, implying an upside of approximately 84% from current levels.

Micron Technology Inc., MU

The stock is up more than 570% over the past year, driven by massive demand for memory chips tied to building AI infrastructure.

Of the 30 analysts covering MU, 27 rate it a Buy. Not a single analyst has a sell on the stock. Price targets range from $400 at the low end to $1,000 at the high.

This wide range tells you there is real disagreement about how much runway remains.

The revenue growth was hard to ignore. Two quarters ago, Micron reported revenue of $13.6 billion. In the last quarter, this number jumped to $23.9 billion. Management is on track for $33.5 billion next quarter.

If this path continues, Micron It will become among the world’s largest revenue-generating companies within two years.

Supply cannot keep up with demand

The basic driver here is simple: demand for memory far exceeds supply. Micron estimates it can only meet half to two-thirds of the demand it sees in the medium term.

High-bandwidth memory (HBM), used in AI data centers, is the main product. Micron expects the total addressable HBM market to grow from $35 billion to $100 billion by 2028.

The supply crunch is not unique to Micron. Other memory chip makers are facing the same constraints, pushing up prices across the board.

Average estimates of Wall Street puts Micron Revenue stands at US$169 billion by the end of fiscal 2027. For context, Taiwan Semiconductor generated US$133 billion over the past 12 months and carries a market cap of US$2 trillion. Micron’s market cap is currently around $611 billion.

Cyclical risks that will not go away

Despite the bullish setup, the market is pricing cautiously. MU trades at just 8.6 times forward earnings, a discount that reflects the cyclical nature of memory chips.

Memory chips are a commodity product. There’s not much to differentiate between one maker and another, which means pricing is driven almost entirely by supply and demand dynamics.

When demand cools, prices fall sharply. It has happened before, which is the main reason why the market does not assign a distinct multiple to Micron even during a boom cycle.

Micron’s 52-week range is from $78.54 to $545.91, which shows how volatile this stock is.

The stock closed Monday at $541.99, up 4.80% on the day, and sitting near its 52-week high.