Citi Raises Micron Price Target to $1,200 on June 17, Sees 200% DRAM Price Jump

According to Citi analyst Atif Malik, on June 17, the bank raised Micron Technology's price target from $840 to $1,200 with a buy rating, implying 17.6% upside. The new target reflects a 10x forward P/E on 2027 estimated earnings of $114.73 per share, up 10% from prior forecasts.

Citi predicts DRAM average selling prices will surge 200% in 2026, driven by datacenter demand amid accelerated AI adoption and tight supply. The bank also forecasts a 5% global DRAM supply deficit for the year. NAND prices are expected to rise 186% in 2026. Micron shares have gained 258% year-to-date and 748% over 12 months. The company will report third-quarter fiscal 2026 results on June 24.