Wells Fargo Raises Price Targets: Merck to $150, Micron to $470

Wells Fargo analysts issued bullish updates on two major names this week, raising the price target on MRK (Merck & Co.) to $150 from $135 while maintaining an Overweight rating. The upgrade was driven by the potential of Sac-TMT, a TROP2 antibody-drug conjugate that could replace chemotherapy across lung, breast, and gynecological cancer indications, with peak sales potential exceeding $15 billion.

In a separate call, Wells Fargo raised its MU (Micron Technology) price target to $470 from $410, also maintaining an Overweight rating. The revised outlook reflects growing confidence in Micron's High Bandwidth Memory 4 (HBM4) technology rollout, sustained pricing power in DRAM and NAND markets, and improved visibility on long-term supply agreements with AI infrastructure builders. Micron shares have gained over 32% year-to-date.

The dual upgrades highlight Wells Fargo's conviction in two distinct growth themes — AI-driven semiconductor demand and next-generation oncology therapeutics. For MRK, the Sac-TMT pipeline represents a path beyond Keytruda dependency, while MU's HBM4 positioning could capture outsized share of the expanding AI training and inference hardware market. Both stocks may attract increased institutional interest following the price target increases.