Regis Philbin's bold call on Micron Tech

Regis Philbin, stock picker?

The veteran talk-show host might be best known for his near 30-year run on the popular television program "Live!," but he's also an avid stock market observer and investor, who recently called into CNBC's "Fast Money" to offer a call on data storage maker Micron Technology.

"It is on a rampage. I think it's headed to $18, maybe to $20," Philbin said.

Micron shares rallied to their highest level since 2006 on Wednesday following news that a major fire forced rival Hynix to suspend operations at its Chinese factory.

The stock closed at $14.75 a share on Wednesday and was sharply higher in midday trading on Thursday. (What's the stock doing now? Click here)

Asked by professional trader Guy Adami whether he plans to take profits following the stock's recent pop, Philbin said he's "sticking with it" because he thinks the stock has more upside momentum.

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"I really think it's got a little more leverage to it and will go up a little higher and then maybe I'll consider that," Philbin said.

Adami agreed with Philbin that Micron was a good buy, but seemed to suggest trimming one's position on the recent gains.

Meantime, Philbin said he wants to play the recovering U.S. auto market with Sirius XM Radio. Auto sales rose 17 percent last month to a seasonally adjusted annual rate of 16.1 million units, which was the fastest pace since October 2007.

Philbin said there is a correlation between increased car sales and Sirius' sales, so he thinks the stock—which traded at $3.76 at midday Thursday—could soar to $7 a share by year-end.

That logic made sense to pro trader Dan Nathan, but he said the stock has too high of a multiple. He thinks there are better ways to play to improved auto sales, but didn't mention an alternative.

—By CNBC's Drew Sandholm. Follow him on Twitter @DrewSandholm