Micron Buckles in July, but AI Memory Demand Sparks 85% Upside Outlook

MU plunged about 29% in July—the worst month in 11 years—amid broader memory-stock volatility, but analysts argue AI-driven demand should keep memory pricing elevated for the next couple of years. Morningstar lifted its MU price target to $850 from $455 on stronger upcycle expectations, and the consensus target sits around $1,522.26 implying roughly 85% upside from Friday’s close. Sentiment remains bullish despite the premarket weakness, with investors awaiting upcoming SanDisk/Western Digital results for more memory-cycle cues.