On May 18, Micron’s stock fell nearly 6%. On the same morning, three major Wall Street firms turned more bullish on the stock simultaneously. That kind of split between the tape and the research desk does not happen often.

Understanding why Citi nearly doubled its price target on a stock that just sold off sharply requires understanding something specific about how the memory market is moving right now.

What Citi changed on Micron and the analyst behind the call

Citi analyst Atif Malik raised his price target on Micron Technology to $840 from $425 on May 19, maintaining a Buy rating, according to TipRanks. The raise is exactly 97.6%, nearly doubling the prior target in a single note.

The specific trigger for Malik’s…