Shares of Micron Technology, Inc. (MU) have had a volatile summer. After topping out near $33 in June, shares pulled back $27 in August before rebounding to new highs around $36 in September.

Some were nervous about Micron's earnings, but the company didn't disappoint. Micron grew revenue a robust 90%, to $6.14 billion, while earnings swelled to $2.02 per share for the most recent quarter. Both fiscal fourth-quarter results, reported Tuesday after the close, topped analysts' expectations. Fiscal first-quarter 2018 guidance came in higher than expected.

As a result, it's no surprise to see shares hitting new 52-week highs Wednesday, up 7.2% to $36.74. Some investors are wondering whether those gains can be extended. 

If analysts are right, it's only a matter of time before that happens.

John Pitzer of Credit Suisse and Harlan Sur of JPMorgan, raised their price targets to $50 from $40 per share. Harlan pointed out the strong results and impressive guidance as to why shares of Micron can continue higher. From current levels, that implies about 38% upside.

They weren't the only bulls, though. Baird analyst Tristan Gerra said supply/demand trends should remain intact for Micron. Easy-to-beat comps and expanding gross margins should drive shares higher, he reasoned. As a result, he has an outperform rating on Micron and a $52 price target.

TheStreet's Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, has been bullish on Micron and recently reiterated that sentiment.

RBC Capital's Amit Daryanani looked more closely at Micron's spending. Based on its CapEx guidance, it should be good for the companies that make the machinery for Micron's products. Specifically, it's good for Applied Materials (AMAT) and Lam Research (LRCX) , he said.

Some may worry that an increase in CapEx spending could result in oversupply for Micron. Stifel analyst Kevin Cassidy isn't one of them, though. He argues that while historically this may be the trend, it's different this time thanks to Micron's product mix. He maintained his buy rating and boosted his price target to $64 from $62, implying more than 75% upside from current levels.

But that's not the biggest bull on Wall Street. That's saved for Needham's Rajvindra Gill. Micron is trading at a "trough multiple," he argues, and it should be trading at a "market multiple." Between that and its continued earnings growth, he raised his price target to $76, up from $50 previously. For those keeping score at home, that's 111% upside from current levels.

More of What's Trending on TheStreet:

At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.