Micron Technology stock hit an all-time high on Monday as the memory-chip leader prepares to release its fiscal fourth-quarter results next week.
On Sunday, Deutsche Bank analyst Melissa Weathers reiterated her buy rating on Micron stock and raised her price target to 175 from 155.
On the stock market today, Micron stock rose a fraction to close at 157.77. Earlier in the session, it hit a record high of 160.34.
Micron stock is trading in the 20%-25% profit-taking zone following its Sept. 5 breakout from a cup-with-handle base at a buy point of 128.60, according to IBD MarketSurge charts.
The Boise, Idaho-based company is seeing robust sales of high-bandwidth memory (HBM) products for data centers running artificial intelligence applications.
"We see DRAM (dynamic random-access memory) supply remaining tight into 2026 driven by HBM absorbing a significant amount of bit capacity," Weathers said in a client note. "This supply tightness should result in healthy ASP (average selling price) growth, driving GMs (gross margins) higher."
Micron Stock Has Tiptop Composite Rating
Micron is scheduled to report its fiscal Q4 results on Sept. 23. Analysts polled by FactSet expect Micron to earn an adjusted $2.78 a share, up 135% from the same quarter last year. Micron's sales are seen advancing 48% to $11.12 billion.
For its fiscal first quarter, Wall Street predicts Micron earnings of $3 a share, up 68%, on sales of $11.8 billion, up 36%.
Micron stock has a best-possible IBD Composite Rating of 99, according to IBD Stock Checkup.
Further, Micron is on three IBD stock lists: IBD 50, Leaderboard and Tech Leaders.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
