Micron (MU) Stock Rebounds After Tuesday Sell-Off on Strong Earnings Outlook

TLDR

• Micron stock rose 3.5% in premarket trading Wednesday, rebounding after a 6%+ drop Tuesday
• Fiscal Q3 earnings are due June 24, 2026; management guided for ~$33.5B revenue and $19+ EPS
• Wall Street expects EPS of $19.63, up from $1.91 a year ago, on revenue of $34.43B
• Deutsche Bank, TD Cowen, and Cantor Fitzgerald all set $1,500 price targets, implying ~47% upside
• MU has surged roughly 750% over the past year and trades at 48.2x earnings

Micron Technology (MU) stock climbed 3.5% in premarket trading on Wednesday, bouncing back after a more than 6% slide the session before. The stock had closed at a record high on Monday before pulling back Tuesday alongside a broader tech wobble.

Micron Technology, Inc., MU

At $1,054.72, MU was among the top performers in early trading — second only to Intel in the S&P 500 premarket movers. The rebound came as Nasdaq futures rose 0.54%.

The stock is up roughly 750% over the past year, a run that few on Wall Street saw coming at this scale. It trades at 48.2 times earnings, a premium that puts extra pressure on the upcoming results.

Micron reports fiscal third-quarter earnings on June 24. Management gave investors a preview at a conference in May, and it was a confident one.

Executive Vice President Manish Bhatia reiterated guidance for around $33.5 billion in revenue, 81% gross margin, and more than $19 in earnings per share. He said both pricing and shipment volumes are tracking ahead of prior expectations.

Demand for high-bandwidth memory (HBM), DRAM, and NAND is outpacing supply, Bhatia said, and he expects those supply constraints to persist well past calendar year 2026.

Wall Street is pricing in a strong quarter. Analysts expect EPS of $19.63, up from just $1.91 a year ago. Revenue is forecast at $34.43 billion, compared with $9.30 billion in the same period last year.

Analyst Price Targets Keep Climbing

Three separate analysts set $1,500 price targets since Friday. Deutsche Bank, TD Cowen, and Cantor Fitzgerald all arrived at the same number, implying about 47% upside from Tuesday’s close.

TD Cowen and RBC Capital both raised their targets on June 15. Wolfe Research followed on June 11 with an Outperform rating and a $1,250 target. The consensus rating across analysts remains Buy, with an average price target of $990.42.

That average trails where the stock is already trading, which says something about how fast MU has moved.

Technically, the picture is mostly bullish. The stock trades 13.6% above its 20-day moving average and 169.7% above its 200-day moving average. A golden cross formed in June 2025 and remains in place.

Momentum Softens Ahead of Fed Decision

One flag worth watching: the MACD indicator has slipped below its signal line, and the histogram is negative. Buying momentum has eased even as the stock trades near highs.

Key resistance sits at $1,089.50, just below the 52-week high of $1,110.40. Support is at $854.50.

Beyond earnings, the near-term calendar includes Federal Reserve Chairman Kevin Warsh’s first press conference following a rate decision on Wednesday. Tech stocks tend to be sensitive to rate commentary, and Warsh’s debut could introduce some turbulence.

That said, MU has shown resilience this year. Since a six-day losing streak at the end of March, the stock has strung together back-to-back daily losses on just four occasions — including only one three-day run.

Micron is a top holding in the iShares Semiconductor ETF (SOXX) at 7.63% and the Invesco PHLX Semiconductor ETF (SOXQ) at 9.78%.

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