Micron (MU) Stock: Why Analysts Think This Could Be Its Best Quarter Ever

TLDR

• Wedbush raised its price target on Micron to $500 from $320, citing stronger-than-expected memory pricing
• DRAM and NAND contract prices are rising sharply, with some deals seeing triple-digit increases
• Micron’s HBM capacity for 2026 is reportedly sold out, with orders extending into 2027
• Wall Street expects EPS to surge over 460% and revenue to more than double in Q2 FY26
• Micron topped growth factor grades among S&P 500 tech holdings, earning an A+ alongside Broadcom

Micron Technology (MU) is heading into its March 18 earnings report on a wave of analyst upgrades, price target hikes, and rising memory prices — and the market has taken notice.

Micron Technology, Inc., MU

The stock climbed 9.45% over the past week, with a further 1.4% gain in premarket trading on Friday after Wedbush Securities raised its price target to $500 from $320. Analyst Matt Bryson reiterated an Outperform rating, pointing to pricing that has “moved well ahead of expectations.”

Bryson noted that Micron’s own guidance for fiscal Q2 implied roughly a 30% increase in average selling prices. But the reality may be even stronger. In January, contract pricing for DRAM and NAND appeared to reflect gains of 50% or more for calendar Q1 2026. Some deals have since shown triple-digit increases.

Bryson added that with both earnings and price targets moving higher, and Micron still trading below typical peak earnings multiples, there is no reason to shift a positive view on the stock.

Analyst Targets Keep Climbing

Wedbush isn’t alone. Citi, Susquehanna, and Aletheia have all raised their targets in recent days. Aletheia lifted its view to a Street-high $650, forecasting that Micron could generate $150–$200 billion in cash flow between FY26 and FY27 and grow into one of the world’s largest chip suppliers.

Wall Street’s consensus heading into earnings is strong. EPS is projected to surge more than 460% year-over-year, with revenue expected to more than double. Gross margins could reach historic highs, according to several analysts.

One high-profile analyst has turned cautious on valuation after the stock’s run over the past year, but the broader Street remains firmly in the bull camp, with a Strong Buy consensus rating.

HBM Sold Out Through 2027

At the center of the bull case is high-bandwidth memory. HBM is a key component in AI accelerators, and Micron’s HBM capacity for 2026 is reportedly already sold out, with orders extending into 2027.

That kind of visibility reduces the boom-and-bust risk that has historically haunted memory stocks. It also means pricing power is likely to remain strong for longer than previous cycles.

Separately, a growth factor ranking of S&P 500 technology holdings placed Micron at the very top, earning an A+ grade alongside Broadcom (AVGO). AI-adjacent names like Palantir (PLTR) and AMD followed with A grades, while Nvidia (NVDA) came in at A-. At the other end, Apple (AAPL) and Cisco (CSCO) both received D- grades.

Micron reports Q2 FY26 results on March 18.

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