At least six banks raised their Micron price targets this week, sending the stock to fresh highs near $1,058 ahead of the June 24 earnings report. The upgrades — from Deutsche Bank, TD Cowen, Cantor Fitzgerald, RBC Capital, Wolfe Research, and Citi — all cite AI-driven DRAM demand that’s outpacing supply. Micron is now up more than 250% year to date, but crypto smart money has placed a nearly $21 million short bet against the rally.
Price target parade
Deutsche Bank kicked things off on June 17, lifting its target to $1,500 from $1,000. TD Cowen doubled its number to $1,500 from $660 on June 15. Cantor Fitzgerald went to $1,500 from $700. RBC Capital set a $1,200 target, Wolfe Research $1,250, and Citi $1,200 from $840. All of them point to the same thing: Micron is the only U.S. maker of AI memory, and the market can’t get enough of it.
The stock now trades around $1,058, with resistance at $1,074, $1,126, $1,199, and $1,293. Support sits at $1,023 and $959. The relative strength versus the SOXX semiconductor index is 218.7 — the highest of any major chip stock. Chaikin Money Flow is positive at +0.142, second only to AMD in the group.
Why DRAM is tight
High-bandwidth memory (HBM) is the bottleneck. HBM consumes more than three times as many wafers per bit as standard DRAM, making new supply slow and expensive to add. The shortage is expected to stick around through 2028. Micron is one of only three major DRAM makers globally, and the only one based in the U.S. — a fact that gives it a geopolitical edge as Washington pushes for domestic chip production.
That structural supply constraint is what’s driving the analyst upgrades. They see pricing power lasting years, not quarters.
Crypto smart money bets against the rally
Not everyone is buying the hype. Crypto smart money — traders tracked for consistently profitable moves — holds a near-term short position on Micron worth nearly $21 million. That makes it the second-largest chip short behind Nvidia. The bet is a contrarian one given the bullish analyst consensus, but the shorts have been right before.
The timing isn’t great for bears: earnings drop on June 24, and any upside surprise could squeeze them. But the size of the position shows real conviction from a crowd that usually avoids crowded trades.
Micron reports after the bell Wednesday. The market will find out then whether the upgrades were prescient or premature.
