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Needham raised its Micron target to $1,550 from $500, sparking a 6% rally in Micron and Western Digital as well as a 5% boost in SanDisk stock ahead of Micron’s Wednesday earnings.
Apple CEO Tim Cook warned that rising memory costs make Apple price hikes unavoidable, adding another demand-side tailwind to the sector’s bullish momentum.
Western Digital’s RSI hit 78 and Micron’s analyst consensus sits at $945, well below its current price, yet Polymarket prices in a 97% EPS beat.
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Micron Technology (NASDAQ:MU) stock is up about 6% in Monday morning trading to around $1,199, leading a broad memory and storage rally into the company’s Wednesday earnings report. Western Digital (NASDAQ:WDC) stock is also up by about 6% to around $788, while SanDisk (NASDAQ:SNDK) stock is up 5% to around $2,294.
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The group is resisting worries about renewed U.S.-Iran tensions, including fresh strike threats and concerns over the Strait of Hormuz.
That memory and storage are catching a bid despite the geopolitical backdrop underscores how much conviction has built around the so-called memory supercycle. The memory/storage complex hit record highs last Thursday, with Friday, June 19, closed for Juneteenth.
Needham’s $1,550 Micron Target Lights the Fuse
The freshest catalyst is a major Wall Street endorsement. Needham raised its price target on Micron stock to $1,550, up from $500, and maintained a Buy rating ahead of Wednesday’s report.
The firm argued that the memory market has continued to strengthen over the past 90 days, with fundamentals “stronger for longer” thanks to robust demand, a firm pricing environment, and limited capacity additions. Needham also believes long-term agreements being signed across the industry are giving suppliers, including Micron, better demand visibility that extends over multiple years.
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