Stock market today: Dow tops 46,000, S&P 500 and Nasdaq notch records as CPI, jobs data clears way for Fed cut

Micron stock (MU) jumped roughly 8.5% Thursday morning to about $152, the biggest leap since April, when shares jumped roughly 19%. Thursday’s gain put the chipmaker on track for a record close.

The gain came as Citi analyst Christopher Danely lifted his price target on shares to $175 from $150, maintaining his Buy rating on the stock.

Micron makes memory chips used in AI data centers and consumer electronics. For example, its various memory chips are used in Nvidia’s (NVDA) GPUs (graphics processing units) and Apple’s (AAPL) iPhones.

Danely said he expects Micron to report fourth quarter results in line with Wall Street’s expectations on Sept. 23 and share an outlook for its first quarter revenue “well above consensus guidance.”

Danely expects Micron to guide for revenue of $13 billion for the first quarter of its 2026 fiscal year, while analysts polled by Bloomberg expect $11.8 billion. He expects earnings per share guidance of $3.23, above the $2.98 consensus estimate, per Bloomberg.

“We believe the continued memory upturn is being driven by limited production and better than expected demand, particularly from the data center end market,” he said, noting a “recent increase in orders from AI space.”