Micron Shares Surge After Citi Boosts Price Target Ahead of Earnings

Lead Micron Technology shares jumped 8.9% in early trading Thursday after Citi raised its price target from $150 to $175, fueling a rally on memory-chip demand ahead of the company’s Q4 earnings due September 23.

Nut Graf The dramatic move underscores investor confidence in ongoing DRAM and NAND shortages and robust AI-driven data-center spending, positioning Micron for potentially stronger guidance than Wall Street expects.

Market Reaction

Pre-market gain: 8.9% surge following Citi upgrade
Intraday high: $156.26, up from yesterday’s $142.24 close
Trading volume: 25.8 million shares, well above average

Catalysts Behind the Rally

Analyst upgrade: Citi’s ‘Buy’ rating reaffirmed with a 16.7% higher price target, citing constrained supply and rising memory prices
AI demand: Accelerating orders from data-center operators and generative-AI vendors tightening DRAM/NAND inventories
Sector contrast: Rally defies a broadly softer semiconductor index, highlighting Micron’s leadership in memory technology

Technical and Seasonal Context

Year-to-date gain: Nearly 80% return, setting multiple 52-week highs
Key levels: Short-term support at $142 and resistance at $156
Options activity: Elevated call volume on strikes from $150 to $160, signaling bullish sentiment

Looking Ahead

Q4 earnings: Scheduled for September 23, analysts forecast revenue of $11.2 billion and adjusted EPS of $2.62
Guidance watch: Market eyes management outlook on memory-chip pricing and inventory trends
Fed outlook: Investors anticipating rate cuts by year-end, which could bolster tech valuations further
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