TLDR
- Micron (MU) stock has jumped 42% this year and an impressive 324% over 12 months, powered by AI memory chip demand.
- The company reports Q2 FY26 results on March 18, with analysts forecasting EPS of $8.74 (up 460% YoY) and $19.03 billion in revenue.
- Aaron Rakers from Wells Fargo boosted his target to $470, highlighting HBM4 strength and sustainable earnings trajectory.
- Mizuho kept its Outperform stance with a $480 target, projecting May quarter sales of $25 billion — 8% higher than consensus estimates.
- TipRanks shows “Very Positive” investor sentiment based on data from more than 853,000 portfolios being monitored.
Micron (MU) stands ready for a critical moment. The memory semiconductor manufacturer delivers Q2 FY26 financial results on March 18, with conditions appearing favorable before the announcement.
Shares have advanced 42% since January and an extraordinary 324% across the trailing twelve months. This impressive rally stems from constrained memory availability, ascending chip valuations, and sustained appetite from cloud computing providers expanding AI capabilities.
Analysts anticipate Micron will deliver Q2 FY26 earnings per share of $8.74, marking a 460% increase versus the prior year. Sales are projected at $19.03 billion, representing 136% annual expansion.
These projections are substantial — yet market watchers believe upward revisions remain possible.
Mizuho maintained its Outperform recommendation and $480 target while forecasting May quarter sales of $25.0 billion with EPS reaching $11.13. This represents approximately 8% above existing Street estimates. The firm projects August quarter revenue of $27.2 billion, similarly outpacing consensus by roughly 7%.
Aaron Rakers, a five-star Wells Fargo analyst, reinforced his optimistic stance. He maintained a Buy recommendation while elevating his price objective from $410 to $470, emphasizing sustained earnings outlook and high-bandwidth memory (HBM4) momentum.
Rakers currently projects peak earnings power between $50 and $60 per share, with normalized through-cycle EPS ranging from $30 to $40 per share. He noted that Micron has already committed or distributed its complete 2026 HBM production — while accelerating volume deliveries by one quarter.
HBM4 in Focus
HBM4 technology should dominate discussion during the March 18 earnings presentation. Rakers anticipates Micron will discuss competitive dynamics surrounding Nvidia’s forthcoming Rubin architecture, particularly 11 Gbps pin performance and advantages from its proprietary CMOS base die technology.
He also identified a potential 20% to 30% elevation in HBM4 pricing compared to HBM3e during the latter half of 2026 as product mix evolves.
Mizuho reinforced the optimistic HBM perspective, observing that HBM3e orders remain robust before HBM4 introduction, with HBM4 commanding 30% to 45% premium pricing versus earlier generations.
The firm identified additional momentum in NAND products, propelled by AI requirements for QLC eSSD solutions and migration to advanced flash manufacturing processes. Cloud infrastructure spending is expected to climb 59% year-over-year in 2026, creating favorable conditions for Micron’s pricing authority.
Broader Analyst Sentiment
Beyond Wells Fargo and Mizuho, additional analysts have elevated their projections. Wolfe Research lifted its target to $500, reflecting revised DRAM and NAND valuation models. Aletheia Capital advanced to $650, doubling its FY2026 profit forecast based on artificial intelligence momentum.
Micron holds a Strong Buy consensus among 27 Wall Street professionals, comprising 26 Buy ratings and one Hold recommendation. The mean price objective of $440.67 suggests approximately 9% appreciation potential from present levels.
Regarding product developments, Micron recently delivered 256GB SOCAMM2 modules — representing the industry’s largest-capacity LPDRAM solution for AI server applications. These modules incorporate the first monolithic 32Gb LPDDR5X chip and provide a one-third capacity enhancement versus preceding versions.
Micron stock currently changes hands around $405.
