Key facts
- Micron Technology stock crossed $1,000 for the first time.
- The stock is up more than tenfold over the past year.
- Raymond James analyst Melissa Fairbanks raised her price target to $1,100 from $530.
- The analyst cited rational capacity additions and unprecedented demand driven by AI.
- Micron's forward P/E has expanded to 11.4x from 4.4x in April.
Micron Technology's stock surged past $1,000, trading at $1,044.75 in premarket Monday, representing a more than tenfold increase in the past year. Raymond James analyst Melissa Fairbanks significantly increased her price target to $1,100 from $530, maintaining an Outperform rating. Fairbanks cited a "different" demand environment driven by AI and rational capacity additions across the industry, leading to longer-term purchasing agreements and margin stability. Micron's forward P/E multiple has expanded substantially as investors price in sustained growth.