Micron (MU) stock popped another 3% on Wednesday following the company’s best day since 2011, closing on Tuesday at a record high — its 28th of the year.

The catalyst on Tuesday was that UBS more than tripled its price target on the memory chipmaker to a Street high of $1,625, arguing that the AI boom has structurally changed the market for memory.

The new target is up from $535 and implies roughly 115% upside from Micron’s Friday close of $751. UBS analyst Timothy Arcuri wrote that the market should start putting a more “normal” multiple on Micron as investors get more evidence of the changes AI has driven across the memory complex.

On Tuesday, the stock surged past the $886.74 level that valued Micron at $1…