Micron Surges 8.7% as Deutsche Bank, Two Others Raise Price Target to $1,500

According to Barron's, Micron (MU) surged 8.70% to $1,133.99 on June 18, as Deutsche Bank, TD Cowen, and Cantor Fitzgerald raised their price targets to $1,500. Deutsche Bank analyst Melissa Weathers cited strong May fiscal year revenue and upside to future earnings. Micron has gained 259.52% year-to-date and 830.87% over the past 12 months, outpacing the S&P 500 significantly.

However, strategists warn of hidden risks. Sevens Report founder Tom Essaye noted that despite years of gains, Micron's forward P/E ratio remains at just 10.2 times, suggesting investors question sustainability. He cautioned that if AI application speeds or profitability disappoint, cloud giants like Microsoft, Alphabet, and Meta could cut capital expenditures sharply, directly impacting semiconductor and memory stocks.