Micron Technology (MU) stock has rallied by an impressive 228% year-to-date (at the time of writing), as the provider of high-performance memory and storage solutions benefits from robust demand for its products amid the ongoing artificial intelligence (AI) wave. Last week, the company announced market-beating fiscal first-quarter results and issued stellar guidance, sparking bullish reviews and price target hikes by several analysts. Notably, analysts are confident about Micron’s prospects in 2026, supported by strong demand for its high-bandwidth memory (HBM) solutions and a spike in memory pricing.
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Top Analysts Are Upbeat on Micron Stock
Following the Q1 FY26 print, Bank of America analyst Vivek Arya upgraded Micron Technology stock to Buy from Hold and increased the price target to $300 from $250. The 5-star analyst said that he upgraded MU stock due to a change in his stance on the durability of the memory cycle, which he now expects to continue into calendar year 2026 amid “restrained supply additions” and AI-led demand, with HBM business projected to triple by 2028. The 5-star analyst also highlighted the quality of Micron’s balance sheet and its 30% free cash flow margin.
Likewise, Rosenblatt Securities analyst Kevin Cassidy reiterated a Buy rating on MU stock and boosted the price target to a Street-high of $500 from $300. The 5-star analyst noted that Micron’s newly negotiated DRAM and NAND flash prices and continued cost declines helped the company issue a record-high gross margin outlook of 68%, with demand expected to surpass supply into calendar year 2027.
Cassidy added that he is “moderating” his top-line growth and gross margin expansion estimates for calendar year 2027, as long-term agreements will likely contain the rise in average selling price (ASP). Despite this cautious view, Cassidy expects Micron to deliver earnings per share (EPS) of $36 in Fiscal 2027. “We continue recommending MU for the increasing importance of memory and storage in the Age of AI,” concluded Cassidy.
Additionally, Cantor Fitzgerald analyst C.J. Muse increased his price target for Micron stock to $350 from $300 and reaffirmed a Buy rating. The 5-star analyst stated that with supply likely to stay tight, Micron’s historically high 68% gross margin (guided for Q2 FY26) is expected to rise through 2026. This margin expansion supports Muse’s updated bullish outlook for Micron’s calendar-year 2026 EPS, which could reach $40 to $50. Muse added that while historically MU traded at a mid- to high-single-digit multiple on peak EPS, he now sees a strong case for a valuation re-rating, with peak multiple potentially rising into the low-teens range. Given the solid upside potential, “Micron remains a TOP PICK” for Muse.
Is MU Stock a Good Buy Right Now?
With 28 Buys and two Holds, Wall Street has a Strong Buy consensus rating on Micron Technology stock. The average MU stock price target of $307.69 indicates 11.6% upside potential.
