New Street analyst Pierre Ferragu upgraded Micron (Micron) stock from "Neutral" to "Buy" and significantly raised his price target to $1,250. This new price target represents a 32% upside from Thursday's closing price of $949.83. Ferragu believes that the demand for high-bandwidth memory (HBM) driven by artificial intelligence (AI) is changing the cyclicality of the memory chip market. He argues that HBM, as an integral part of AI accelerators, should command a premium valuation, and he expects AI to eventually account for nearly two-thirds of memory demand.