Micron Technology Inc. (NASDAQ:MU) shares are gaining ground in Friday’s premarket session.
The move follows a bullish update from Wells Fargo. Analyst Aaron Rakers maintained an Overweight rating on the stock. He raised the price forecast from $410 to $470, according to Benzinga Pro.
The price forecast hike comes just five days before Micron reports its second-quarter 2026 results. The company will release earnings on Wednesday, after the closing bell. Analysts estimate earnings per share of $8.56 and quarterly revenue of $19.12 billion.
Traders are showing renewed optimism despite Thursday’s pullback.
AI Strategy and ‘Monster’ Memory Growth
Micron continues its deep push into AI infrastructure. The company recently highlighted new “Monster” Memory chips. These products aim to solve AI power and performance bottlenecks. A $5 billion buildout is currently underway.
Micron’s long-term investment strategy centers on expanding memory technology used in AI servers, where demand for advanced memory continues to grow.
Technical Analysis
Micron is trading 0.6% above its 20-day simple moving average (SMA) and 32% above its 100-day SMA, keeping the longer-term uptrend intact even as the stock churns near the top of its range. Shares are up 327.22% over the past 12 months and are positioned closer to their 52-week highs than lows.
- Key Resistance: $437.00
- Key Support: $364.00
The stock carries a Buy Rating with an average price target of $396.07.
MU Price Action: Micron Technology shares were up 1.33% at $410.73 during premarket trading on Friday, according to Benzinga Pro data.
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