BofA Hikes Micron Price Target to $950, Updates AI Chip Stocks
Bank of America analyst Vivek Arya nearly doubled his price target on Micron Technology (MU) from $500 to $950, alongside higher targets on four other AI hardware names. The bank also issued its third upward revision in 11 months to its 2030 AI infrastructure spending forecast.
Key Numbers
Bank of America (BofA) analyst Vivek Arya raised the price target on Micron Technology (NASDAQ:MU) from $500 to $950 on Wednesday, marking one of the most aggressive revisions in the current AI cycle. The move came alongside higher targets on four other AI chip stocks and a third upward revision in 11 months to the firm's 2030 forecast for artificial intelligence infrastructure spending.
Rating Change
- Stock: Micron Technology (MU)
- Previous Target: $500
- New Target: $950
- Change: ~90% increase
- Date: Wednesday, May 13, 2026
Other stocks updated include AMD and Marvell Technology, though specific new targets were not disclosed.
Analyst Rationale
Arya expects strong demand for high-bandwidth memory (HBM) chips used in AI applications to drive Micron's growth. The upward revision to AI infrastructure spending reflects confidence in sustained heavy investment in the sector.
Context
The update follows a strong run for Micron's stock, fueled by the AI boom. Other Wall Street analysts have also raised targets, but BofA's is among the most bullish.
What to Make of It
The target hike signals significant optimism about Micron's AI prospects, but investors should consider that forecasts may not materialize if demand slows or competition intensifies.
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