Micron and SanDisk gained on Thursday as strong AI-driven demand and a wave of analyst upgrades reinforced the sector’s momentum.
- Micron Technology hit a fresh record high and extended its year-to-date gains to nearly 305%.
- SanDisk surged nearly 12% during Thursday’s session, tracking broad strength across the memory and storage complex.
- Wedbush, Rosenblatt, and Stifel raised Micron price targets sharply, pointing to surging DRAM/NAND pricing and sustained AI-driven demand.
Micron Technology (MU) shares hit a fresh record high on Thursday, while SanDisk (SNDK) also posted strong gains, extending a broad rally across memory and storage stocks. The move came after Apple (AAPL) CEO Tim Cook’s comments on price increases, which reinforced expectations of sustained demand strength for memory chips across the supply chain.
Adding to the momentum, Micron’s record high was also supported by multiple analyst price target hikes during the session. The stock is now also in focus ahead of its earnings release on June 24.
MU stock closed up 8.7% to $1,133.99 for a record close, while SNDK surged nearly 12% during the session. Both stocks extended gains into after-hours trading, with MU up 1.16% and SanDisk higher by 1.48% at the time of writing.
MU Draws Bullish Analyst Calls
Micron saw a wave of bullish analyst calls on Thursday as Wall Street continued to raise expectations for the stock amid strong demand trends in memory markets.
Wedbush lifted its target to $1,300 from $550, implying a 22% upside from its last close, and maintained an ‘Outperform’ rating. The firm citing strong upward revisions to revenue and EPS estimates as NAND and DRAM pricing surged. Wedbush stated that Q2 pricing rose by double- to triple-digit percentages, with DRAM and NAND expected to climb further in Q3, according to TheFly.
Rosenblatt raised its price target on Micron to $1,200 from $600, which is a 14% upside from its last close. The firm maintained a ‘Buy’ rating and said that higher prices have not slowed demand in data center and server markets amid rising DRAM and NAND demand and limited new supply expected for another 12 months.
Stifel increased its target to $1,500 from $550, implying a 36% upside from the last close, and reiterated a ‘Buy’ rating, saying it is raising estimates well above consensus due to stronger AI-driven demand, according to TheFly.
Apple Plans Price Hikes As Chip Costs Surge
Apple plans to raise retail prices across its hardware lineup to offset rising memory and storage chip costs, with CEO Tim Cook saying the increases have become unavoidable amid mounting pressure from suppliers and the broader semiconductor supply chain.
“Unfortunately, price increases are unavoidable,” Cook told The Wall Street Journal, adding, that Apple has tried to shield customers but the situation has “become unsustainable.”
MU, SNDK Stocks: What Retail Says
Stocktwits sentiment on MU was ‘neutral,’ while message volume was ‘low.’ For SNDK, sentiment was ‘bullish,’ amid ‘extremely high’ message volume.
Year-to-date, MU stock has gained nearly 305%, while SNDK stock has surged almost 805% over the same period.
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