Here’s what Wall Street is saying about Micron ahead of earnings

Micron Technology (MU) is scheduled to report results of its fiscal third quarter after the market close on Wednesday, June 25, with a conference call scheduled for 4:30 pm ET. What to watch for:

GUIDANCE: Along with its last report, Micron guided for Q3 earnings per share of $1.57, plus or minus 10c, on revenue of $8.8B, plus or minus $200M. At the time, analysts were expecting the company to report Q3 EPS of $1.52 on revenue of $8.48B, but those figures have since risen to $1.61 and $8.85B, respectively.

PT HIKES: On Monday, Cantor Fitzgerald analyst C.J. Muse raised the firm’s price target on Micron to $145 from $130 and maintained an Overweight rating on the shares. Semiconductor stocks outperformed once again last week and Cantor looks for Micron to post a solid beat and raise, driven by strong data center demand and a recovering Consumer business, the analyst tells investors in a research note. Cantor expects Micron to remain bullish on the overall outlook for the DRAM market.

Meanwhile, Wedbush last week raised the firm’s price target on Micron to $150 from $130 and reiterated an Outperform rating on the shares. The firm believes memory pricing trends turned more positive in Q2. And while it doesn’t see as significant an inflection in Q3 as it had been expecting back in March, Wedbush still believes pricing for both DRAM and NAND will lift over the next couple of quarters. Better fundamentals in the firm’s view are driven by a pickup in enterprise/server demand that started in the April time frame and looks to hold through the rest of the year as demand for both AI and standard workloads appears to be better than might have been initially anticipated.

Additionally, Wells Fargo raised the firm’s price target on Micron to $150 from $130 and kept an Overweight rating on the shares. The firm expects Micron’s upcoming Q3 results to reflect continued positive data center/AI-driven DRAM momentum. Sluggish NAND demand is offset by materializing industry s/d discipline, Wells adds.

MORGAN STANLEY ‘TACTICALLY BULLISH’: According to a note from last week, Morgan Stanley maintains an Equal Weight rating on Micron shares given how much the stock has rallied already, but is “tactically bullish” given the material acceleration being seen in AI spending as Micron grows its participation. The firm, which notes that its estimates remain 20% above consensus for August-end quarter earnings, also highlights Sandisk (SNDK), which it likes better long term and on which it has an Overweight rating. Consensus numbers have started to come up for Micron over the last few weeks, but in addition to being about 20% above consensus for August EPS, the firm is also 14% above for November after raising estimates six weeks ago, added the analyst, who has an Equal Weight rating and $98 price target on Micron shares.

EXPANDED U.S. INVESTMENTS: Earlier this month, Micron Technology and the Trump Administration announced Micron’s plans to expand its U.S. investments to approximately $150B in domestic memory manufacturing and $50B in R&D, creating an estimated 90,000 direct and indirect jobs. As part of today’s announcement, Micron plans to invest an additional $30B beyond prior plans which includes building a second leading-edge memory fab in Boise, Idaho; expanding and modernizing its existing manufacturing facility in Manassas, Virginia; and bringing advanced packaging capabilities to the U.S. to enable long-term growth in High Bandwidth Memory, which is essential to the AI market. Additionally, Micron is announcing a planned $50B domestic R&D investment, reaffirming its long-term position as the global memory technology leader. As previously announced, Micron’s investment includes its ongoing plans for a megafab in New York. The announce came amid months of uncertainty surrounding President Trump’s proposed international tariffs.

AI GROWTH: In April, Micron announced a market segment-based reorganization of its business units to capitalize on the transformative growth driven by AI, from data centers to edge devices. Micron has maintained multiple generations of industry leadership in DRAM and NAND technology and has the strongest competitive positioning in its history. Micron’s industry-leading product portfolio, combined with world-class manufacturing execution enables the development of differentiated solutions for its customers across end markets. “This reorganization completes our evolution to a market segment-focused business unit structure, with exciting AI-led growth opportunities in every business unit,” said Sumit Sadana, EVP and Chief Business Officer at Micron Technology. “This structure sharpens our ability to partner deeply with customers and build on our tremendous portfolio momentum with differentiated solutions for all end markets.”