TLDR
- Micron stock closed up 2.3% at $970.20 on Friday, marking its fourth straight day of gains
- KeyBanc forecasts DRAM prices rising 15%-20% and NAND flash prices rising 30%-40% in Q3
- Micron posted Q3 EPS of $25.11, beating the $21.39 estimate, with revenue up 346% year over year
- UBS set a $1,625 price target; Wall Street consensus sits at around $1,260 with a “Buy” rating
- New Street upgraded Micron to “Buy,” projecting a potential $2-$3 trillion valuation by end of decade
Micron Technology (MU) stock closed at $970.20 on Friday, up 2.3% on the day and marking its fourth consecutive session of gains. The stock has climbed 12% over the past month, though it remains below its late June peak of over $1,200.
The stock opened Friday at $971.66. Its 52-week range runs from $113.46 to $1,255.00, and its market cap currently sits at $1.10 trillion.
Investor appetite for memory stocks has picked up following an upbeat long-term forecast from Sandisk this week. SK Hynix ADRs also edged up 0.4% to $166.33 on the same day.
Memory pricing is at the center of the bullish case. KeyBanc forecasts DRAM prices will rise 15% to 20% in Q3 from Q2, with a further 15% gain expected in Q4. NAND flash prices are projected to rise 30% to 40% in Q3, followed by another 15% in Q4.
Earnings Beat and Strong Guidance
Micron’s most recent quarterly report, released June 24, showed EPS of $25.11 against a consensus estimate of $21.39, a beat of $3.72. Revenue came in at $41.46 billion, well above the $35.91 billion estimate. That represented a 346% jump year over year.
Return on equity stood at 71.13%, and net margin was 55.91%. For Q4 2026, Micron guided for EPS in the range of $30 to $32.
Analyst Targets and Upgrades
Wall Street has been raising its targets. UBS analyst Timothy Arcuri set a $1,625 price target, using a forward multiple of 11 times his 2029 EPS forecast. He noted that figure reflects Micron’s through-cycle earnings power under long-term agreements.
Wells Fargo raised its target from $1,220 to $1,525, rating the stock “overweight.” Raymond James lifted its target from $1,100 to $1,500 with an “outperform” rating. Cantor Fitzgerald kept its “overweight” rating with a $1,500 target.
New Street upgraded Micron to “Buy” from “Neutral” with a $1,250 price target, arguing that AI is making memory demand less cyclical. The firm projects Micron could reach a $2 to $3 trillion valuation by the end of the decade.
The consensus among 38 analysts is a “Buy” rating with an average price target of $1,259.97. Four analysts rate it “Strong Buy,” 32 rate it “Buy,” and two hold a “Hold” rating.
Micron also launched a $250 million Micron Ventures Paradigm Fund this week to invest across the AI technology stack, covering model development, computing infrastructure, and enterprise applications.
On the institutional side, Accurate Wealth Management nearly doubled its Micron position in Q2, raising holdings by 98% to 7,452 shares worth roughly $8.6 million. Institutional investors collectively own 80.84% of the stock.
Risks remain. YMTC has overtaken Micron in NAND shipments, and Micron’s new $9.3 billion fabrication plant is not expected to produce chips until 2028. Michael Burry has also increased bearish positions involving Micron.
CEO Sanjay Mehrotra sold 31,285 shares on July 24 at an average price of $926.83, reducing his stake by 9.08%. Insiders have sold a combined 162,179 shares worth roughly $167.8 million over the past 90 days.
Technical analysts point to approximately $1,012 as a near-term resistance level to watch.
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