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

Micron Technology (MU) is scheduled to report results of its fiscal fourth quarter after the market close on Tuesday, September 23, with a conference call scheduled for 4:30 pm ET. What to watch for:

GUIDANCE: Along with its last report, Micron guided for Q4 earnings per share of $2.50, plus or minus 15c, on revenue of $10.7B, plus or minus $300M. On August 11, however, the company increased its Q4 EPS guidance range to $2.78-$2.92 and increased its revenue view to $11.1B-$11.3B. At the time of the guidance increases, analysts had expected the company to report Q4 EPS of $2.52 on revenue of $10.74B, but those figures have since risen to $2.86 and $11.16B, respectively.

PT HIKES: In the weeks leading up to the quarterly report, no fewer than ten analysts have since raised their price targets on Micron, with Stifel most recently upping the firm’s target to $173 from $145. The firm expects bit-shipment growth for NAND in 2026 to accelerate and exceed expectations. Over the near-term, Micron should see sustained gross margin expansion due to the “significant drawdown” in memory inventory exiting the August quarter, the analyst tells investors in a research note. Stifel expects Micron to guide fiscal 2026 capex higher year-over-year, but less than revenue growth.

Meanwhile, Susquehanna analyst Mehdi Hosseini raised the firm’s price target on Micron to $200 from $160 last week and maintained a positive rating on the shares. The firm expects the company report a beat and raise its outlook on September 23. While upside to the quarter may already be priced into the shares, the market has yet to fully reflect Micron’s potential for $20 in annualized earnings per share, the analyst tells investors in a research note. Susquehanna disagrees with investor concerns around a potential collapse in high bandwidth memory selling prices in 2026.

Additionally, Wolfe Research increased the firm’s price target on Micron to $180 from $160 and kept an Outperform rating on the shares as part of a fiscal Q4 earnings preview. The outlook for commodity memory continues to improve due to multiple artificial intelligence tailwinds, the analyst tells investors in a research note. The firm says that since Micron’s positive pre-announcement in August, NAND sentiment has improved driven by hard disk drive shortages while DRAM pricing has proven resilient. It cites higher estimates for the target increase.

TRUMP/TECH CEOS: Earlier this month, President Trump hosted two dozen high-profile tech and business leaders for an event in the White House Rose Garden, including Meta (META) CEO Mark Zuckerberg, Apple (AAPL) CEO Tim Cook, Microsoft (MSFT) founder Bill Gates and OpenAI founder Sam Altman, AI hosted by first lady Melania Trump. Attendees also include Google’s (GOOGL) Sundar Pichai, Oracle (ORCL) CEO Safra Catz, Microsoft CEO Satya Nadella, and Micron CEO Sanjay Mehrotra, though Tesla (TSLA) CEO Elon Musk, who served as a special government employee and top Trump adviser for the first few months of the year before feuding with Trump, is not on the invite list, according to the report.

The move came weeks after the Wall Street Journal semiconductor companies receiving funds from the Chips Act but has no plans to obtain positions in larger firms that are increasing their U.S. investments. However, the Commerce Department is not looking to take equity from TSMC (TSM) and Micron, the official said told the Journal at the time. TSMC held preliminary discussions about handing back their subsidies if the White House asked to become a stockholder, the paper added, citing people familiar with the discussions.