JPMorgan Triples Micron Price Target to $1,540 on Record Q3 Earnings and Long-Term AI Contracts

JPMorgan raised its price target on Micron Technology to $1,540 from $550 on Thursday, nearly tripling its estimate following the memory chipmaker's record third-quarter earnings report. The company reported revenue of $41.46 billion, up 346% year-over-year and beating analyst expectations of $35.3 billion, with earnings per share reaching $25.11 versus expected $20.28.

Micron secured 16 new five-year supply contracts worth $22 billion in customer orders, with remaining performance obligations totaling approximately $100 billion. The deals reflect demand for high-bandwidth memory across data center, consumer, and automotive markets. MU stock jumped 17% to $1,223.87 in premarket trading, with retail sentiment on Stocktwits shifting to "extremely bullish."