Needham’s revised price target for Micron sparks a sector-wide rally ahead of the company’s earnings report this week.
Micron Technology shares jumped 6% to $1,199 in early trading Monday after Needham raised its price target to $1,550 from $500, fueling a broader rally in memory stocks. Western Digital and SanDisk followed, climbing 6% and 5% to $788 and $2,294, respectively, as investors bet on a memory supercycle despite geopolitical tensions.
The sector hit record highs last week, with Micron’s analyst consensus at $945—well below its current price. Polymarket odds now price in a 97% chance of an EPS beat, while Apple’s warning about rising memory costs adds demand-side support.
The rally underscores strong conviction in memory and storage stocks, even as U.S.-Iran tensions persist, including threats to the Strait of Hormuz.