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Micron topped a $1 trillion market value for the first time on Tuesday as shares popped 18% on strong artificial intelligence demand for its memory chips.
The stock surge came as UBS nearly tripled its price target on the stock from $535 to $1,625 a share, citing long-term agreement opportunities with partially fixed pricing.
“We believe the market will start to put a more ‘normal’ multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex,” the firm wrote/
The new price target suggests shares could more than double from Friday’s close.
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