Micron Target Raised to $1,300, Citi Forecasts DRAM Shortage Through 2027

Citigroup analyst Atif Malik raised the price target for Micron Technology (MU) to $1,300 from $1,150. The bank maintains a Buy rating on the stock.

The revision follows stronger-than-expected pricing for DRAM memory chips. Citi projects a persistent market undersupply will continue through 2027.

Surging AI demand has constrained chip supplies for consumer electronics and other industries. Citi increased its revenue and earnings per share estimates for upcoming quarters above consensus expectations.

Analysts expect equipment manufacturers to highlight these DRAM shortages at the upcoming SEMICON West conference.