Micron Technology's stock jumped 5.05%, or $49.10, to $1,020.76 as of 10:36 a.m. EDT Monday, pushing the memory chipmaker back above the closely watched $1,000-per-share threshold as a wave of bullish Wall Street analyst upgrades reinforced investor optimism around surging demand for artificial intelligence-related memory chips.

Monday's rally extended a sharp rebound that has carried Micron shares from a trough of $739 on July 29 to levels now exceeding $1,000, a swing of well over 35% in less than three weeks. The stock had closed at $971.66 on Aug. 14, having climbed more than 14% over the preceding 30 days, according to market data, before continuing higher into this week on the back of fresh analyst commentary.

New Street Research upgraded Micron to a buy rating with a $1,250 price target, citing what analysts described as a substantial long-term cash flow opportunity tied to AI memory demand alongside a leaner overall cost structure at the company. UBS reaffirmed its own buy rating on the stock and lifted its price target to $1,625, pointing to tightening high-bandwidth memory supply, improving pricing dynamics and strengthening demand for data-center storage as key drivers of the more aggressive outlook.

Micron management has struck a confident tone regarding the durability of the current cycle. According to commentary attributed to the company, executives have described the business as "exceptional" and have said they expect very tight memory industry conditions to persist beyond 2027, as demand growth continues to outpace available supply across the sector.

The rally in Micron shares has coincided with a broader surge across the........

© International Business Times