UBS analysts raised their price target more than threefold to $1,625, implying a potential valuation of close to $1.8 trillion for the company in the next 12 months.

The upgrade was the highest target of any of the 46 Wall Street firms covering Micron, well above the consensus price target of $684.32, per FactSet data

Micron is up 177% this year and has surged more than 800% over the past 12 months, making it one of the best-performing stocks in the S&P 500 this year.

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