So, Micron Technology Inc. (MU) shares are having a good Friday morning. They're up in premarket trading, and the reason is pretty straightforward: a big bank just decided the stock is worth a lot more money.

Wells Fargo analyst Aaron Rakers is the one making the call. He kept his Overweight rating on the stock but cranked up his price forecast from $410 to a cool $470. That's a nice bump, and the timing is interesting. Micron is scheduled to report its second-quarter 2026 earnings this coming Wednesday after the bell. The consensus on the Street is looking for earnings per share of $8.56 and quarterly revenue of $19.12 billion. So, Rakers is essentially placing a confident bet right before the company shows its cards.

This move seems to have traders feeling optimistic again, brushing off a bit of a pullback from the day before.

The AI Memory Play

A big part of the story here, and probably a big part of Rakers' calculus, is Micron's deep dive into AI. The company is all-in on building the memory infrastructure for the AI boom. They've been talking up new "Monster" Memory chips designed to tackle the power and performance bottlenecks that come with massive AI workloads. There's also a $5 billion buildout in the works. The long-term plan is simple: expand the memory tech used in AI servers, because that's where demand for advanced memory is exploding.

Where the Stock Stands

Let's look at the chart. Technically, Micron is trading just a hair (0.6%) above its 20-day simple moving average and a whopping 32% above its 100-day average. That keeps the longer-term uptrend firmly in place, even if the stock has been bouncing around near the top of its recent range. The performance over the past 12 months is eye-popping: shares are up 327.22%. They're much closer to their 52-week highs than their lows.

For the chart watchers, key resistance sits at $437.00, while key support is down at $364.00. The average analyst price target for the stock is $396.07, which Wells Fargo's new call now blows past.

In Friday's premarket action, Micron shares were up 1.33% at $410.73.