TLDR Cantor Fitzgerald maintained its $2,000 Micron stock price target despite October’s selloff. The forecast suggests about 119% upside from Wednesday’s indicated premarket price of $913.20
Micron (MU) stock faces a difficult October, but Cantor Fitzgerald still expects shares to more than double within 12 months. The chipmaker has lost over 17% this month amid concerns about competition and artificial intelligence spending.
Cantor Fitzgerald analyst C.J. Muse maintained an Overweight rating and a $2,000 price target on October 20. His forecast followed Micron’s latest comments on customer contracts and memory chip supplies.
At Wednesday’s indicated premarket price of $913.20, that target represents about 119% potential upside. It remains an analyst projection, rather than a guaranteed future share price.
Muse cited 16 strategic customer agreements, including 14 with pricing terms. Micron expects these contracts could eventually cover half its revenue, compared with 25% in May and 35% in August.
Muse said Micron signed further deals at higher prices. Separately, an Intel stock rebound earlier this week showed investors returning to semiconductor shares after a difficult October for technology stocks.
Micron expects tighter memory supplies in 2027 than in 2026, with shortages continuing through 2028. Customers hold little inventory, limiting their ability to absorb further disruptions.
The company makes memory used in data centers, smartphones, and computers. Artificial intelligence systems require large amounts of high-speed memory, increasing demand for Micron’s products.
A recent CoreWeave stock reversal showed wider pressure on AI infrastructure companies. The cloud provider recovered from an early selloff, while investors continued examining its debt and equipment costs.
Micron’s October decline followed pressure across technology stocks. Investors questioned rising borrowing costs, heavy spending on AI facilities and possible competition from China’s memory manufacturers.
Micron stock has still gained nearly 343% over the past year. Its market value remained close to $1 trillion, even after October’s losses.
TipRanks data shows 29 analysts with an average 12-month Micron price target of $1,585.93. That represents approximately 74% upside from the cited Wednesday premarket price, below Cantor’s forecast.
Muse expects Micron to accelerate repurchases after December 9 under its roughly $35 billion authorization. Recent AI chip market research also identifies memory shortages as a constraint on production.
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