Updates

** Shares of Micron Technology MU.O rise 2.4%, extending gains after co crossed $1 trillion in market value in the previous session

** Barclays raises price target on the stock to $1,175 from $675; new PT implies a 31.2% upside to stock's last close

** Brokerage says co could benefit from the industry shift to multi-year agreements with customers, which provides a more stable source of revenue compared with the previous practice of shorter-term deals

** MU signed its first five-year strategic customer agreement earlier this year

** Co has become emblematic of the memory-chip boom over the past year, and its rise shows that investor optimism remains strong

** Barclays says demand for memory chips could continue to outpace supply through 2027

** Micron's rival SK Hynix 000660.KS also topped $1 trillion ​in market value for the first time on Wednesday

** YTD, MU has jumped over threefold