May 26 (Reuters) – Shares of Micron Technology climbed about 14.2% in early trading on Tuesday after brokerage UBS sharply raised ‌its target price for the stock citing stronger AI ‌demand and long-term supply deals, taking the chipmaker closer to $1 trillion in market value.

The ​revised target – the highest among the 46 brokerages covering the stock – implies a potential valuation of close to $1.8 trillion for the company by the next twelve months, compared with a market capitalization of $846.93 billion as of close ‌on Friday.

• UBS raised ⁠the price target more than threefold to $1,625 from the earlier $535, compared with the stock’s Friday close of $751.

• The ⁠brokerage said the emergence of…