Micron (MU) Stock Hits All-Time High as AI Memory Demand Keeps Defying Expectations

TLDR

• MU stock hit an all-time intraday high of $592.77 on Monday, closing up 6.31% at $576.45
• The stock has gained 60.7% in the past month and is up 90% year-to-date
• D.A. Davidson initiated coverage with a Street-high $1,000 price target, implying ~73% upside
• The lowest price target on the Street is $400, implying ~30% downside — showing a wide range of views
• Q2 FY2026 net income soared 772% year-over-year to $13.78 billion on revenue of $23.86 billion

Micron Technology (MU) closed at $576.45 on Monday, up 6.31%, after touching an all-time intraday high of $592.77 earlier in the session. The move extends a run that has seen the stock gain 60.7% in just the past month.

Micron Technology, Inc., MU

The catalyst on Monday was partly tied to strong earnings from peer Sandisk. Analysts at Fox Advisors and Bernstein lifted price targets on Sandisk, and the positive read-through lifted Micron too, given its exposure to NAND flash, DRAM, and high-bandwidth memory for AI systems.

NAND prices are expected to rise faster than DRAM in the near term, which could keep sentiment around Micron firm going forward.

Even after its run, Micron trades at about 25 times earnings — well below Sandisk’s roughly 40 times trailing profit. That valuation gap is keeping some investors interested despite the stock’s sharp rise.

Wall Street is largely on board. Of 30 analysts covering MU, 27 have a Buy rating. There are no Sell calls.

Price targets range from $400 on the low end to $1,000 on the high end — a $600 spread that reflects just how much debate exists over where the stock goes from here.

Street-High $1,000 Target

The most aggressive call comes from D.A. Davidson analyst Gil Luria, who initiated coverage with a $1,000 price target. At current levels, that implies roughly 73% upside.

Luria argues that AI is driving a longer-than-usual memory cycle, and that the market is still underestimating demand by treating this cycle like previous downturns. He points to Micron’s technology leadership and long-term earnings power as key supports.

Other analysts are more measured. Melius Research’s Ben Reitzes started coverage on April 27 with a Buy and a $700 target. TD Cowen’s Krish Sankar reiterated Buy on April 28 with a $660 target.

Sankar is worth watching — he’s ranked #19 out of more than 12,000 analysts on TipRanks, with a 94% success rate and average return of 113.25% per trade on MU calls.

Earnings Back Up the Optimism

The bullish sentiment isn’t coming out of nowhere. Micron’s Q2 FY2026 results — for the quarter ending February — were strong by any measure.

Net income jumped 772% year-over-year to $13.78 billion, up from $1.58 billion in the same period last year. Revenue rose 196% to $23.86 billion, compared to $8.05 billion a year ago.

Looking ahead, Micron guided Q3 revenue to a midpoint of $33.5 billion — up roughly 260% year-over-year. Diluted EPS guidance came in at $18.90, plus or minus $0.40.

The one dissenting voice in the analyst community is sitting at a $400 target — about 30% below current levels. The caution centers on cyclical memory risks and whether AI demand expectations have gotten ahead of themselves.

Micron is also set to present at the JP Morgan Global Technology, Media and Communications Conference in Boston on May 20.

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