Micron (MU) Stock: All Eyes on Earnings Wednesday as Several Analysts Lift Price Targets

TLDR

• Micron (MU) has surged 42% year-to-date and 324% over the past year, driven by AI-related memory demand.
• Q2 FY26 earnings are due March 18, with Wall Street expecting EPS of $8.74 — a 460% year-over-year jump — and revenue of $19.03 billion.
• Wells Fargo’s Aaron Rakers raised his price target to $470, citing confidence in HBM4 and long-term earnings visibility.
• Mizuho maintained an Outperform rating with a $480 price target, forecasting May quarter revenue of $25 billion, 8% above consensus.
• TipRanks Crowd Wisdom data shows “Very Positive” sentiment from over 853,000 tracked investor portfolios.

Micron (MU) is about to step into the spotlight. The memory-chip maker reports Q2 FY26 results on March 18, and the setup looks strong heading into the print.

Micron Technology, Inc., MU

The stock has climbed 42% year-to-date and a staggering 324% over the past year. That run has been fueled by tight memory supply, rising chip prices, and relentless demand from data center operators building out AI infrastructure.

Wall Street expects Micron to post EPS of $8.74 for Q2 FY26, representing 460% year-over-year growth. Revenue is forecast to hit $19.03 billion, up 136% from a year ago.

Those are big numbers — and analysts think there’s room for them to go higher.

Mizuho, which kept its Outperform rating and $480 price target, is projecting May quarter revenue of $25.0 billion and EPS of $11.13. That’s about 8% above current consensus. For the August quarter, the firm sees $27.2 billion in revenue, also roughly 7% ahead of the Street.

Wells Fargo analyst Aaron Rakers, a five-star-rated analyst, also stayed bullish. He reiterated a Buy rating and lifted his price target from $410 to $470, pointing to long-term earnings visibility and strength in high-bandwidth memory (HBM4).

Rakers now models peak EPS of $50 to $60 per share, with through-cycle earnings power of $30 to $40 per share. He also flagged that Micron has already allocated or sold all of its 2026 HBM output — and pulled forward volume shipments by one quarter.

HBM4 in Focus

HBM4 is expected to be a key topic on the March 18 earnings call. Rakers expects Micron to address competitive positioning around Nvidia’s upcoming Rubin chip cycle, including 11 Gbps pin speed and its in-house CMOS base die advantage.

He also flagged a potential 20% to 30% increase in HBM4 average selling prices versus HBM3e in the second half of 2026 as mix shifts.

Mizuho echoed the bullish HBM view, noting HBM3e demand remains strong ahead of HBM4 launches, with HBM4 carrying 30% to 45% higher average selling prices versus its predecessor.

The firm also sees tailwinds in NAND, driven by AI demand for QLC eSSD and transitions to newer flash technology nodes. Hyperscaler capex is expected to rise 59% year-over-year in 2026, a backdrop that supports Micron’s pricing power.

Broader Analyst Sentiment

Beyond Wells Fargo and Mizuho, other analyst targets have moved higher. Wolfe Research increased its price target to $500, citing updated DRAM and NAND pricing assumptions. Aletheia Capital went to $650, doubling its FY2026 earnings estimate on the back of AI demand.

Micron’s consensus rating across 27 Wall Street analysts is Strong Buy, with 26 Buy and one Hold recommendation. The average price target of $440.67 implies roughly 9% upside from current levels.

In product news, Micron recently shipped 256GB SOCAMM2 modules — the industry’s highest-capacity LPDRAM module for AI servers. The modules use the first monolithic 32Gb LPDDR5X die and offer a one-third increase in capacity over previous models.

Micron stock currently trades at approximately $405.

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