JPMorgan raised its price target on Micron Technology (MU.O) to $1,540 on June 25, up from $550. The move, close to a 180% increase, pushed its view above Bank of America’s $1,500 target issued on June 23 and made JPMorgan the most bullish major brokerage on the stock in the source material.
Back-to-back upgrades sharpen focus on AI memory
Less than 48 hours earlier, BofA had also lifted its Micron target to $1,500 while raising targets on Intel and Astera Labs. Those near-simultaneous calls point to a stronger consensus forming around the AI memory supply chain. Micron, one of the world’s three major DRAM makers, is closely tied to the HBM market, and its high-bandwidth memory output is linked to NVIDIA GPU supply schedules.
Earnings now sit at the center of the trade
Micron shares have seen sharp swings. On June 23, memory-related stocks in South Korea sold off heavily, with Samsung Electronics and SK Hynix both falling more than 12%. That weakness spilled into U.S. premarket trading, where Micron dropped nearly 11% at one point. By the following premarket session, the stock had rebounded more than 3%. Attention then shifted to Micron’s quarterly earnings release scheduled for after the close on June 25.
According to the source, investors are watching three items most closely: whether AI infrastructure demand can keep supporting this year’s rally, whether HBM utilization and next-quarter order visibility remain strong, and whether gross margin can stay elevated. The article notes that Micron’s gross margin had already exceeded 80% in the previous two quarters.
Bullish bank calls meet visible short positioning
JPMorgan also raised its target for South Korea’s KOSPI index to 15,000 the same day, arguing that the AI hardware cycle still has room to run and that Asian supply-chain names stand to benefit first. Micron sits near the core of that view.
At the same time, the market is not positioned in only one direction. On-chain data from Hyperliquid showed that two whales opened new MU short positions worth a combined $8.3 million on June 24, with an average entry price around $1,071. If Micron’s earnings disappoint, volatility could intensify. The source says the liquidation level for those shorts sits near $1,470.