Wells Fargo just slapped a $1,220 price target on Micron Technology, up from $550. That’s not a typo. The bank more than doubled its outlook on the memory chipmaker while maintaining its Overweight rating, making it one of the most aggressive calls on a semiconductor stock this year.

Micron shares responded by climbing roughly 7% in pre-market trading. With the stock recently closing in the $860 to $950 range, the new target implies an upside of approximately 28% to 41% from current levels.

A Wall Street chorus, not a solo act

Wells Fargo wasn’t the only firm feeling bullish. Cantor Fitzgerald raised its Micron target from $700 to $1,500 on the same day. Morgan Stanley bumped its projection from $520 to $1,050.

The factors Wells Fargo cited for its revision include sustained tightness in memory supply, strong customer engagements, and Micron’s demonstrated ability to deliver HBM products at scale for AI applications.

Micron’s wild ride to get here

For context on just how dramatic this revision is, consider Wells Fargo’s own history with the stock. The bank had a price target of $170 on Micron as recently as 2025. It then moved to $470 in early 2026 before jumping to $550, and now $1,220.

What this means for investors

For investors already holding Micron, the upgrades validate the thesis but don’t necessarily mean buying more at these levels is prudent. A stock trading near $900 with a target of $1,220 has a very different risk-reward profile than one trading at $170 with a target of $470.

For those on the sidelines, the implied upside of 28% to 41% comes with the implicit assumption that the current boom cycle in memory extends well into 2027 and beyond. If you’re betting on Micron at these levels, you’re betting that AI infrastructure spending remains on its current trajectory, and that Micron specifically continues winning HBM design slots against formidable Korean competitors.