Key Highlights
- Wolfe Research upgraded MU price target to $1,250 from $550, maintaining Outperform rating
- Goldman Sachs increased target to $900 (Neutral); Wells Fargo bumped to $1,220 (Overweight)
- Micron shares jumped approximately 11% Thursday; declined 0.97% to $986.23 Friday premarket
- June 24 earnings report anticipated — EPS forecast at $19.46 versus $1.91 year-over-year
- Memory supply expected to trail demand through 2027, potentially extending into 2028
Micron Technology (MU) stock stood at $986.23 during Friday’s premarket session, sliding 0.97% after Thursday’s robust nearly 12% rally. The upward momentum was fueled by multiple Wall Street firms upgrading their price projections for the memory chip manufacturer.
Wolfe Research delivered the week’s most dramatic revision, elevating its price objective to $1,250 from $550 while maintaining its Outperform stance. This substantial increase reflects a fundamental shift in the firm’s perspective on memory chip pricing dynamics.
According to Wolfe, the revised forecast incorporates more aggressive price appreciation for DRAM and NAND products throughout 2026 and 2027. The research firm currently anticipates fiscal 2027 revenue reaching $226.5 billion with earnings of $135 per share for Micron.
The analysis highlights continuing price strength in high-bandwidth memory (HBM). Manufacturers are targeting profit margins comparable to conventional DRAM products, and Wolfe anticipates demand will outstrip supply availability through 2027 at minimum — with potential extension into 2028.
Production facility limitations represent a critical component of this outlook. Restricted cleanroom capacity for semiconductor manufacturing means scaling bit shipment volume will prove challenging, maintaining supply constraints despite expanding AI-fueled demand.
Wolfe wasn’t operating in isolation. Goldman Sachs kept its Neutral stance while boosting its price objective to $900. Wells Fargo reaffirmed Overweight and elevated its forecast to $1,220. Additional upgrades came from Susquehanna, DA Davidson, and Mizuho in recent sessions.
Analyst consensus currently reflects a Buy recommendation, with the average price target landing at $927.29.
June 24 Earnings Report Takes Center Stage
Micron’s upcoming quarterly results are slated for June 24. Wall Street anticipates earnings per share of $19.46, representing substantial growth from $1.91 in the comparable quarter last year. Revenue projections stand at $34.07 billion versus $9.30 billion year-over-year.
These figures represent significant expansion, and investors will scrutinize whether Micron can meet these elevated expectations.
Chart Analysis
From a technical perspective, MU maintains a robust long-term upward trajectory. The stock trades 12.2% above its 20-day moving average of $882.85 and 162.5% above its 200-day moving average of $377.38.
The moving average configuration remains constructive — the 20-day exceeds the 50-day, which surpasses the 200-day. This layered arrangement represents the type of bullish setup trend traders favor.
However, momentum indicators show signs of deceleration. The MACD sits beneath its signal line, indicating the recent advance may be consolidating.
The subsequent resistance level appears near $1,089.50, approaching Micron’s 52-week high territory.
Broader market sentiment proved favorable Friday, with Nasdaq futures advancing 0.60% and S&P 500 futures climbing 0.65%.
Wolfe’s $1,250 price target presently represents the Street’s most optimistic projection.
