Micron (MU) Stock Closes in on $900B Market Cap – Analysts Think There’s More to Come

TLDR

• Micron stock is up ~4.8% and approaching a $900 billion market cap for the first time, closing in on Eli Lilly’s valuation.
• Bank of America raised its price target on MU and maintained a Buy rating, citing stronger long-term AI data center demand.
• BofA lifted its 2030 AI data center total addressable market forecast to $1.7 trillion from $1.4 trillion.
• DA Davidson set a Street-high $1,000 price target, and analysts project earnings could reach $139 per share by 2030.
• Institutions own more than 80% of MU and have been accumulating aggressively, though early Q2 data shows some distribution activity.

Micron Technology (MU) is trading around $804 on Tuesday, up roughly 4.8% on the day, putting it on pace to close above a $900 billion market cap for the first time in its history.

Micron Technology, Inc., MU

That would make Micron the 11th largest U.S. company by market value. It’s now within striking distance of pharma giant Eli Lilly, which sits at around $944 billion. The stock needs to settle at $798.06 or above to lock in the milestone.

The move higher follows a bullish call from Bank of America, which raised its price target on Micron while keeping a Buy rating. The bank pointed to stronger long-term demand for AI data centers and said it expects faster AI-related sales and better returns starting in 2026.

BofA also bumped its forecast for the 2030 AI data center total addressable market to $1.7 trillion, up from $1.4 trillion. That’s a sizeable revision, and it signals growing conviction that memory chip demand has more room to run.

Analyst Targets Get a Serious Upgrade

DA Davidson went further, setting a Street-high price target of $1,000 on MU, implying around 25% upside from the $750 level. Their longer-range model is even more aggressive, forecasting earnings per share of $139 by 2030. At that level, the stock would be trading under 6x forward earnings within five years.

The reasoning centers on HBM (high bandwidth memory), which is essential for AI workloads. Capacity is reportedly locked in through the end of next year, and pricing trends remain strong, with quarterly price resets expected to continue through late 2027.

DA Davidson analysts described the demand cycle as a “positive feedback loop” — AI deployments create utility, utility creates new use cases, and new use cases drive more demand for memory. They believe this cycle has years left to play out.

MU stock has more than doubled since its April low and is up by several hundred percent since 2025. The technical picture is mixed in the near term, with MACD signals pointing to a possible pullback. The analyst consensus target sits around 35% below current levels, which some analysts say reflects a healthy reset opportunity rather than a red flag.

Institutions Hold the Floor — For Now

Institutional investors own more than 80% of Micron and have been actively buying over the past 12 months. That kind of ownership base tends to provide a floor during dips.

That said, early Q2 data shows some distribution activity among large holders, which analysts say is a contributing factor to a potential near-term price top. Support levels near $695 and $545 are being watched.

The next major catalyst is Micron’s fiscal Q3 2026 earnings release, scheduled for late June. Every analyst that covers the stock has raised their price target since the Q2 report. The market will be watching for guidance on DRAM pricing, product timelines, and capacity expansion plans. New facilities in Japan and the U.S. are expected to start ramping later this year.

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