Micron Joined The $1 Trillion Club With Its Blistering Rally This Week. Here’s How Much Traders See It Moving Next Week

After a blistering rally that propelled Micron into the $1 trillion market capitalization club this week, can the memory maker’s stock keep climbing next week?

Shares of Micron (MU) added over 5% to close at a fresh high at $971 Friday, topping a record set just days earlier. It’s has more than tripled in value since the start of the year, making it the best-performing stock in the S&P 500 behind Sandisk (SNDK), amid a broader rally for AI hardware makers that has lifted the major indexes to new records.

Recent options pricing suggests traders see it potentially swinging close to 10% in either direction by the end of next week. A move of that size from Friday’s record close could drive the shares to a new high above $1,065, or pull them back below $877.

Why This Is Significant

Micron has been a favorite among investors in recent months amid growing demand for its memory components to outfit AI data centers and a shortage that’s empowered the firm to raise prices.

This week, analysts at UBS more than tripled their price target to a new Street high of $1,625 from $535, anticipating continued sales growth and pricing power for Micron as big tech companies clamor for AI hardware, with Micron poised to win more long-term contracts with customers.

Wall Street analysts surveyed by Visible Alpha are widely bullish on the stock. Nine of the 10 analysts with current ratings tracked by Visible Alpha have called it a “buy,” compared to just one neutral rating, though Micron’s recent rally has already carried it well past their mean target around $777.

Strong earnings reports from a number of other AI hardware makers in recent weeks, including Intel (INTC), Advanced Micro Devices (AMD), and Nvidia (NVDA), have shown that big tech companies are continuing to spend big on hardware and could be taken as a positive signal for Micron ahead of its own quarterly report after the closing bell on June 24.