Bank of America raised its price target on Micron stock to $1,500 from $950 on Tuesday, as the memory chipmaker prepares to report its fiscal third quarter earnings later today. The 58% increase comes as analyst Vivek Arya cited robust demand for high-bandwidth memory and upgraded the firm’s 2030 semiconductor market forecast to $2.7 trillion, according to Benzinga and Yahoo Finance.
Micron will hold its Q3 earnings conference call at 2:30 p.m. Mountain time on June 24, 2026, with expectations for record-breaking results. Analysts consensus forecasts earnings per share of $20.39 on revenue of $35.5 billion, reflecting extraordinary growth from a year ago when the company earned just $1.91 per share, according to Yahoo Finance and Zacks Investment Research.
The stock surge ahead of earnings reflects two major catalysts beyond the BofA upgrade. On June 22, Micron announced a strategic agreement with Anthropic spanning memory and storage architecture design, a multi-year supply agreement, and a strategic investment in Anthropic’s Series H funding round, according to Micron’s investor relations. Micron’s entire 2026 high-bandwidth memory capacity is sold out through the calendar year, providing strong revenue visibility amid surging AI data center demand.
BofA’s upgrade reflects what the bank sees as a structural shift in semiconductor demand. The firm identified high-bandwidth memory demand as one of five major themes driving the next $1 trillion in incremental semiconductor sales, according to Investing.com. Vivek Arya maintained his Buy rating on Micron alongside the price target increase, signaling confidence in the company’s position at the center of AI infrastructure buildout.
Micron stock price has already climbed nearly 300% year-to-date as of late June, reflecting the market’s recognition of the company’s critical role in AI. The memory shortage has driven pricing power for suppliers like Micron, Samsung, and SK Hynix, with demand for high-bandwidth memory far exceeding available supply. Industry observers expect the supply constraint to persist well into 2027, creating a multi-year tailwind for memory chip makers.
Sources
- Yahoo Finance — BofA price target raise to $1,500, earnings consensus forecasts
- Benzinga — Vivek Arya details, 58% price target increase, Buy rating confirmation
- Investing.com — BofA’s five themes for incremental semiconductor sales, $2.7T 2030 forecast
- Micron Technology Investor Relations — Anthropic strategic agreement details, supply and investment components
- Zacks Investment Research — Earnings per share consensus, year-over-year growth figures
