BMO Capital Sets Aggressive $1,300 Price Target for Micron Stock
On August 21, 2026, BMO Capital Markets initiated coverage on Micron Technology (MU) with an Outperform rating and a bold price target of $1,300 per share. This represents approximately a 33% upside from the stock's closing price at that time ($974.33). The call followed strong fiscal third-quarter results for Micron, which reported revenue of $41.46 billion—up nearly 346% year-over-year. BMO’s rationale is centered on a long-term upturn in memory pricing driven by tight supply and surging demand from data centers, particularly due to AI's high bandwidth requirements. Analyst Harsh Kumar highlighted three key pillars: sustained industry-wide supply constraints, the essential role of memory for advanced AI models, and improved revenue visibility through multi-year customer contracts totaling $22 billion. Micron is also investing heavily in U.S.-based manufacturing with a planned $50 billion capital expenditure by 2030. The company’s exclusive position as a domestic producer of high-bandwidth memory—critical for top AI chips like those from Nvidia—is seen as an added strategic advantage.
Tickers: $MU
Topics: AI memory demand BMO Capital Markets Micron Technology Semiconductor industry