Although Micron Technology, Inc. (Nasdaq: MU) stock dropped by more than 16% over the past 30 days, Atif Malik, a Wall Street analyst at Citigroup Inc. (NYSE: C), expects the company’s shares to rally and hit a new all-time high (ATH) in the next 12 months.

Malik maintained a ‘Buy’ rating for Micron stock, according to a note to clients on August 3, 2026. He also reiterated a 12-month price target of $1,400, thereby signaling a potential 70.52% upside.

The analyst expects a strong recovery in memory demand, hence bolstering a bullish outlook for MU shares for the next 12 months. Furthermore, he believes that strong demand for memory products amid the AI boom should translate into robust earnings growth compared to the…