Micron Technology’s remarkable run of consecutive gains appeared set to halt on Friday, with the stock slipping after notching its longest and strongest winning streak in more than a decade.
Record-breaking rally
Shares of the Idaho-based memory chip maker were down 3.63% at $162.76 on Friday, following a close at an all-time high of $168.89 the previous day.
That capped a 43% gain over 12 trading sessions, the company’s best 12-day stretch since March 2009, according to Dow Jones Market Data.
Micron’s stock gains were helped by a surge in Oracle’s gain as it signaled a massive runway for hyperscaler investments in AI workloads.
The move has drawn increased attention on Wall Street, particularly ahead of the company’s upcoming fiscal fourth-quarter earnings report next Tuesday.
Analysts lift price targets
Several analysts have highlighted potential upside for Micron despite Friday’s pullback.
Wedbush Securities reiterated an Outperform rating and raised its price target to $200 from $165, citing stronger-than-expected demand from cloud-service providers in recent weeks.
Analysts Matt Bryson and Antoine Legault noted in a research report that conversations with industry contacts suggest an unusual uptick in demand for various memory hardware products.
While the reason for the sudden demand remains unclear, Wedbush argued that the shift could meaningfully alter market expectations.
“This change should shift expectations moving forward substantially,” the analysts wrote.
They also urged caution, acknowledging the absence of a definitive explanation for the spike, but nonetheless lifted their sales and earnings estimates for 2025 and 2026, pointing to improved pricing power and stronger sales momentum for Micron.
Barclays analyst Tom O’Malley echoed the positive outlook while offering a slightly different perspective.
He suggested that part of the new demand for NAND memory chips may be temporary, tied to “large procurement efforts last week” in Silicon Valley.
Still, O’Malley said Micron is likely to post results modestly ahead of guidance and deliver a materially stronger forecast for the coming quarters.
Barclays also reiterated an Outperform rating, lifting its price target to $175 from $140.
Market outlook
Micron’s extended rally highlights renewed investor optimism in the memory chip sector, which has faced cyclical downturns in recent years.
The sudden rise in demand from cloud-service providers has sparked expectations of improved near-term results for the company.
Investors now turn to Micron’s earnings release next week, which will provide clarity on whether the recent surge in demand represents a structural shift or a short-term procurement spike.
Analysts are watching closely to see whether Micron can translate the unusual demand trends into sustained revenue growth and higher margins.
For now, the stock’s record-breaking streak underscores the market’s growing confidence in Micron’s positioning within the semiconductor industry.
Whether the company’s results next week validate that optimism could determine if the latest rally resumes or consolidates.
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