Shares of Boise, Idaho-based chipmaker Micron Technology Inc. (MU) are up about 4% Wednesday morning after the tech firm posted fiscal first-quarter results that surpassed analysts’ expectations late on Tuesday. The chip stock received a handful of price target hikes after the beat-and-raise report, including a new Wall Street high of $85 from Rosenblatt.

The DRAM and NAND memory chip company offered an extremely upbeat view of the industry and its position in a call with analysts following its Q1 report. The firm indicated that a broad and diverse set of tech products are driving demand for its chips to unprecedented highs. (See also: Micron Volatility Flags an Opportunity: Instinet.)

‘Best Cycle in Semiconductor History’

Following the earnings call, price targets have been moving into the $60 and $70 range and as high as $85, a 12-month forecast assigned by Hans Mosesmann of Rosenblatt. The new high reflects an 86.7% upside from Wednesday afternoon at $45.55. MU shares have already skyrocketed 107.8% year-to-date (YTD) compared to the S&P 500’s 19.8% increase and the Philadelphia Semiconductor Index’s 41.8% gain over the same period. “We see the duration (longer) and nature (content-driven) of this cycle is set to be the best memory cycle in semiconductor history,” wrote Mosesmann.

Cowen analyst Karl Ackerman, who maintains an outperform rating on MU shares, lifted his price target to $53 from $50. He wrote that while many investors expected a beat and opportunity for a raise, “nobody expected Micron to be annualizing $10 (earnings per share [EPS]) off this call.”

Analysts at Morgan Stanley expect MU to gain at least another 20% as “cyclical strength continues to persist for longer than our expectations.” While the chipmaker will likely face a tougher NAND chip environment, the firm does not see DRAM supply accelerating in 2018. “With the stock trading at only 4.5x the current EPS run rate we see the stock climbing even higher,” wrote Morgan Stanley.

Credit Suisse, Macquarie Research, Summit Redstone and Susquehanna were among those that also issued bullish notes forecasting a strong memory cycle to persist into 2018. (See also: Micron’s Sell-Off Presents an Opportunity: MKM.)

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