** Memory chip firm Micron Technology's MU.O shares hit record high, last up 14.7% at $861.77

** UBS raises PT more than threefold to $1,625 from $535, implying an upside of ~116% to stock's last close

** Says the emergence of long-term agreements across the industry, locking in volumes and partially fixing prices could stabilize MU's historically volatile earnings profile

** These deals are expected to cover a growing portion of DRAM supply, providing greater demand visibility and reducing pricing swings - UBS

** MU on track to add more than $118 billion to its market value of $846.93 billion if gains hold

** Average rating of 46 brokerages covering MU is "buy" and their median PT is $600 - data compiled by LSEG

** Stock up ~198% YTD