Micron Technology rises over 7% premarket as UBS sharply raises its target price for Micron to the highest on Wall Street, expecting its market value to reach $1.8 trillion.

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Micron Technology rose 7% in pre-market trading after UBS raised its target price for the memory chip manufacturer from $535 to $1,625, the highest level on Wall Street.

This target price implies that Micron's stock will more than double from its pre-market price of around $800, with a corresponding market capitalization of $1.8 trillion, meaning Micron will strengthen its position as one of the world's largest companies and one of the most important firms in AI trading. "We believe that as more signs emerge of AI driving structural changes throughout the memory industry, the market will begin to assign a more ‘normal’ valuation multiple to the stock, and Micron’s valuation will continue to be revised upward," analyst Timothy Arcuri wrote. Demand for memory chips at favorable price levels "will allow Micron to trade part of its recent revenue for demand visibility and achieve smoother profitability." Rating: Buy. As of the previous close, Micron has risen more than 160% since the start of this year.

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