Citi raised its price target on Micron to $1,300 from $1,150 and said the stock still has room to rise before SEMICON West. According to Sina Finance, the bank said stronger-than-expected DRAM pricing and sustained AI demand leave upside in Micron's results and guidance over the next few quarters.

Citi also lifted its forecasts for Micron's August and November quarters, citing higher-than-expected blended DRAM selling prices. It now expects Micron's fiscal fourth-quarter revenue to reach $51 billion and earnings per share to be $31.45, both above consensus, and said the company's reported results and forward guidance could still come in above expectations.

The bank said SEMICON West will be the next key catalyst for Micron shares. Micron's stock has been volatile since its last earnings report, falling as much as 35% from a prior peak before rebounding 34% from its July low.

Citi expects equipment makers to highlight shortages of DRAM, multilayer ceramic capacitors, printed circuit boards, and optical components during the conference. It said those shortages are limiting supply growth for DRAM and NAND to just above 20%, while AI-driven demand continues to outpace capacity expansion.

The bank said DRAM and NAND prices are likely to keep rising over the next few quarters and may peak around the second quarter of 2027. It expects blended DRAM average selling prices to rise 20% quarter over quarter in the current quarter and 13% in the next quarter, while NAND prices are seen rising 34% and then 15% over the same periods.