MU Surges Near All-Time High, Citi Raises Bar for Stock

Core Insights - Micron has seen a significant stock price increase of 9.5%, driven primarily by an analyst upgrade from Citigroup, which raised its price target from $150 to $175 and reiterated a buy rating based on rising demand for DRAM and Micron's AI products [2][5]. Company Performance - Micron is set to release its earnings report on September 23rd, with expectations that EPS and revenue will meet forecasts, but guidance is anticipated to exceed expectations due to strong demand in data centers and increased sales and pricing of DRAM and NAND products [3][4]. - Analysts predict that DRAM demand will outstrip supply by more than 1.8 percentage points, and NAND flash demand is expected to exceed supply by four percentage points, which would significantly benefit Micron if accurate [4]. Market Sentiment - The overall sentiment on Wall Street is bullish for Micron, with firms like Baird, Rosenblatt, and JP Morgan setting price targets above $185, and 79% of analysts rating the stock as a buy or equivalent [5][6]. - The stock has already increased by 82% year-to-date, largely driven by the AI and data center market trends [9]. Upcoming Events - The upcoming earnings report is seen as a critical event, with the stock's recent performance raising expectations and potentially leading to volatility [10][11].