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New Street Research upgrades Micron to a $1,250 price target
The firm argues Micron’s memory demand outlook could break from prior boom-and-bust cycles, forecasting 15% annual growth beyond 2030 versus a 10% historical average.
New Street Research upgraded Micron Technology to a Buy rating and set a $1,250 price target, citing a shift in how the memory sector is behaving. In the firm’s view, Micron’s current run that began after its 2025 lows suggests memory is moving away from the traditional boom-and-bust cycle seen in past industry patterns.
Yahoo Finance reports that New Street Research expects memory demand to keep rising, forecasting 15% annual growth beyond 2030 compared with a 10% average over the past two decades. The note also ties Micron’s prospects to sustained demand for high-bandwidth memory for AI servers, along with conventional DRAM and NAND used across data centers and devices.
Based on those assumptions, the analysts project that Micron could hold more than $600 billion in cash and generate more than $150 billion in annual free cash flow by 2030. They further estimate that could translate into a $2 trillion to $3 trillion market capitalization.
The story also highlights Micron’s recent stock performance and positioning: the company’s market capitalization is cited at $1.14 trillion, its shares are up 229.8% year-to-date, and it has gained 661.9% over the past 52 weeks, with a 52-week high of $1,255 on June 25. It is noted that the stock is down 25% from that level, with a 14-day RSI of 52.21 and a forward-adjusted non-GAAP price-to-earnings ratio of 13.79 times, described as lower than the industry average.