With shares of Micron Technology Inc. (NASDAQ: MU) trading up just over 1% in Friday's premarket session, it looks like the company will end the week on a high note. 

Yesterday's 3.5% pop set the scene for a climactic end to a good week, as this could be the first time the semiconductor maker closes above $100. 

If it manages it, it will be the latest chapter in a stunning triple-digit rally that's been underway since the start of last year but has kicked on in recent weeks. For context, the past three weeks alone have seen a 25% run, with the stock trading at its all-time high from 2022. 

Given how much media attention semiconductor stocks have been getting, with Nvidia Corporation (NASDAQ: NVDA) in particular capturing the market's attention, Micron's strong performance shouldn't surprise you. For a long time now, Micron has been one of the best alternative semiconductors to own after Nvidia, and as Micron stock sets its sights on the $100 price tag, that argument gets stronger. 

Fresh Bullish Comments 

Fear not for investors on the sidelines who are simultaneously concerned about having missed so much of the move already. Just yesterday, the team at Stifel upped its rating on Micron shares from a "hold" to a "buy," noting that the general consensus for the company's 2025 earnings is "well wrong and too low." 

The company topped analyst expectations for its most recent earnings report in December. That report also saw management issuing guidance ahead of the consensus at the time. But coming out with such a bullish stance just a few weeks ahead of Micron's fiscal Q2 results bodes well for the stock's upside potential. 

Stifel's fresh $120 price target alone points to an immediate upside of $120, which isn't all that hard to see happening in the run-up to this month's report, especially with the momentum from this past week. Their stance echoes that of the team at Citi, which also boosted its rating on Micron shares just ten days ago. 

Compared to industry peers, it sees Micron as underperforming so far this year, unfairly weighed down by overly negative comments from Micron's counterparts. 

These two analyst calls alone should be enough to pique most investors' interests, especially if the risk appetite is there to get into the stock ahead of its earnings. We saw with Nvidia's earnings last week just how potent a move can be, but it doesn't come without its risks.

Consider Getting Involved

Earnings tend to be binary affairs, where a stock either outperforms expectations and rallies or disappoints and falls. But based on what Wall Street saw with Nvidia, how Micron has been trading in recent weeks, and what the team at Stifel said yesterday, you have to think the upside potential here is attractive. 

It is worth noting that with a Relative Strength Index (RSI) reading of 72, Micron shares are in overbought territory, but with the $100 mark having been hit in Friday's premarket session, we're inclined to say there's a bit more room for this one to run yet. Watch for the momentum to continue building into next week, with Stifel's $120 price target a real possibility before the end of the month.