Wells Fargo Doubles Micron Target to $1,220 on AI Memory Boom

Wells Fargo has more than doubled its price target for Micron Technology to $1,220, up from $550, while maintaining an Overweight rating. The upgrade makes it one of the most bullish calls on a semiconductor stock this year.

Micron shares rose roughly 7% in pre-market trading. With the stock recently closing between $860 and $950, the new target implies an upside of 28% to 41%.

Wells Fargo joins a chorus of optimistic analysts. Cantor Fitzgerald raised its target from $700 to $1,500, and Morgan Stanley boosted its projection from $520 to $1,050. The bank cited tight memory supply, strong customer engagements, and Micron's ability to deliver HBM products at scale for AI applications.

For context, Wells Fargo had a target of $170 on Micron as recently as 2025. It moved to $470 in early 2026 before jumping to $550, and now $1,220.

For investors already holding Micron, these upgrades validate the thesis. Those on the sidelines face an implied upside of 28% to 41%, assuming AI infrastructure spending remains on its current trajectory and Micron continues winning HBM design slots against Korean competitors.