Wall Street scrambles to lift Micron price targets ahead of earnings

Investing.com -- Micron Technology (NASDAQ: MU) has firmly established itself as one of the definitive AI infrastructure winners of 2026, triggering a massive wave of panic-buying among Wall Street analysts who are aggressively rewriting their models. Driven by an insatiable hunger for data center memory, multiple premier research firms have drastically hoisted their price targets, pushing expectations into an unprecedented $1,200 to $1,500 range.

The frantic revisions come as Micron trades near all-time highs above $1,000 per share, cementing its status in the elite trillion-dollar market cap club.

The primary driver behind the massive target increases is simple math: AI servers require an immense amount of high-bandwidth memory (HBM) and conventional dynamic random-access memory (DRAM). Because building advanced new wafer fabrication facilities requires at least 12 months, the industry is locked in a structural supply deficit where demand vastly outstrips output.

Wall Street’s updated modeling reveals just how deep this pricing power runs:

• 
  

  Stifel (Target: $1,500 from $550): Analyst Brian Chin kept his Buy rating and effectively tripled his previous target. Chin notes that conventional DRAM average selling prices (ASPs) are running at roughly twice what Micron initially projected. With data center contracts sitting north of $2.50 per gigabyte and consumer PC/mobile holding above $1.50, Stifel projects a staggering 20% quarter-over-quarter revenue surge.

  
  


• 
  

  Deutsche Bank (Target: $1,500 from $1,000): Analyst Melissa Weathers models May quarter revenue well above the high end of typical guidance at $35.1 billion. More aggressively, she projects a jaw-dropping calendar 2027 earnings per share (EPS) of $160 for Micron, predicting gross margins will lock in above 80% for the foreseeable future.

  
  


• 
  

  Rosenblatt (Target: $1,200 from $600): Hans Mosesmann highlighted that skyrocketing prices have done absolutely nothing to slow down enterprise and data center procurement. Furthermore, he anticipates upcoming HBM price hikes will completely erase the traditional gross margin gap with standard DDR5 memory.

  
  


• 
  

  Wedbush (Target: $1,300 from $500): Analyst Matthew Bryson significantly increased near and long-term earnings estimates, applying a confident 9x multiple to fiscal year 2027 projections plus net cash.

  
  


• 
  

  Citigroup (Target: $1,200 from $840): Analyst Atif Malik rounded out the bullish parade, tracking a similar expansion in near-term valuation multiples.

  
  

The core catalyst to watch heading into Micron’s June 24 fiscal third-quarter earnings call is how the product mix continues to shift. Management has already signaled that its entire HBM capacity is fully sold out under binding contracts through the remainder of 2026 and well into 2027.

Crucially, manufacturing specialized HBM requires more than three times the silicon wafer capacity of traditional DDR5 memory. By absorbing so much industry capacity to feed AI giants like Nvidia and AMD, Micron has inadvertently starved the rest of the market of conventional DRAM. This multi-front constraint is ensuring that even standard memory chips are fetching unprecedented premiums—fueling a textbook cyclical upcycle that analysts believe is still in its early innings.

You May Also Be Interested In

• HBM prices could double by 2027 on surging AI demand, DigiTimes reports
• Popular stocks with increasing option volume: MU INTC ORCL SPCX PLTR MSTR AVGO MARA NOK SOFI WULF NFLX
• Stifel lifts Twilio to Buy, calls it key infrastructure for AI-era communications