There's a new biggest Micron bull on Wall Street.
Nomura Instinet raised its 12-month price target to $100 from $55 for the chipmaker, representing 83 percent upside to Friday's close. It is now the highest Micron price forecast out of the 26 research shops that cover the company, according to FactSet.
The firm also reiterated its buy rating for the stock, predicting higher memory prices and increased shareholder capital return.
"We see DRAM [memory] pricing resuming an upward trend in Q2, a first-time dividend and share buyback announcement in May, continued margin expansion in NAND [flash memory] and increased M&A discussion as important catalysts," analyst Romit Shah wrote in a note to clients Monday. "We believe Micron shares are in the early stages of another major breakout. … We are raising our target substantially."