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

Micron Technology (MU) is scheduled to report results of its fiscal first quarter after the market close on Wednesday, December 17, with a conference call scheduled for 4:30 pm ET. What to watch for:

GUIDANCE: Along with its last report, Micron guided for Q1 earnings per share of $3.75, plus or minus 15c, on revenue of $12.5B, plus or minus $300M. At the time, analysts were expecting the company to report Q1 EPS of $3.04 on revenue of $11.83B, but those figures have since risen to $3.94 and $12.88B, respectively.

CRUCIAL CONSUMER: Earlier this month, Micron announced its decision to exit the Crucial consumer business, including the sale of Crucial consumer-branded products at key retailers, e-tailers and distributors worldwide. Micron will continue Crucial consumer product shipments through the consumer channel until the end of fiscal Q2. The company will work closely with partners and customers through this transition and will provide continued warranty service and support for Crucial products. Micron will continue to support the sale of Micron-branded enterprise products to commercial channel customers globally. “The AI-driven growth in the data center has led to a surge in demand for memory and storage. Micron has made the difficult decision to exit the Crucial consumer business in order to improve supply and support for our larger, strategic customers in faster-growing segments,” said Sumit Sadana, EVP and Chief Business Officer at Micron Technology.

NEEDHAM: This week, Needham raised the firm’s price target on Micron to $300 from $200 and kept a Buy rating on the shares. With the memory market continuing to tighten, demand is likely to exceed supply throughout 2026, and with DRAM and NAND pricing moving meaningfully higher, Needham is “substantially” raising its FY26 and FY27 estimates, the analyst tells investors in a research note. The firm now sees FY27 EPS at $25.00 vs. $19.25 prior and FY27 revenue at $68.2B vs. $60.0B prior, Needham added.

WEDBUSH: Meanwhile, Wedbush raised the firm’s price target on Micron to $300 from $220 and reiteratetd an Outperform rating on the shares ahead of the company’s earnings report due this Wednesday. Better memory conditions through the past few months have set up Micron to benefit from a sharper lift in average selling prices than the firm had previously anticipated, the analyst tells investors in a preview.

STIFEL: Stifel raised the firm’s price target on Micron to $300 from $195 and maintained a Buy rating on the shares. Further strengthening in AI infrastructure demand has “proven a tipping point” and memory prices are “rallying hard” into year-end, notes the analyst, who expects Micron to report and guide for meaningful upside to its fiscal Q1 results and Q2 outlook next week. Profit and bit optimization amid sustained positive industry conditions keep the firm positive on Micron, the analyst tells investors in a preview.

DEUTSCHE BANK: Last week, Deutsche Bank raised the firm’s price target on Micron to $280 from $200 and kept a Buy rating on the shares ahead of the fiscal Q1 report on December 17. Micron is well positioned to benefit from the upcoming memory cycle, the analyst tells investors in a research note. The firm believes high bandwidth memory is driving structural changes in the industry that could warrant a higher valuation for the shares. Deutsche sees Micron as “being particularly attractive among the memory names given its unique ability to prioritize profitability over market share in this environment.”

HSBC INITIATION: Also last week, HSBC initiated coverage of Micron with a Buy rating and $330 price target calling the company a “key beneficiary of the memory supercycle.” Micron’s share price was up 172% year-to-date at the time of writing, but recently the share price has been subdued, noted the analyst, who sees this as “a good time to accumulate the stock.” The firm, which thinks the market seems to “severely underestimate” the impact from the commodity DRAM rally and hasn’t factored in upside from eSSD market share gains, believes there is “plenty of room for further growth,” the analyst tells investors.

UBS SEES MICRON TRACKING ABOVE GUIDANCE: Last month, UBS raised the firm’s price target on Micron to $275 from $245 and maintained a Buy rating on the shares. The firm’s recent channel checks indicate “tight” supply conditions persist. Despite the lack of a positive preannouncement, Micron is likely tracking above the high end of its guidance with double data rate 5 contract negotiations now edging towards up 20% quarter-over-quarter or higher, the analyst tells investors in a research note. UBS believes Micron’s cycle will be more durable this time as high-bandwidth memory “crowds out” the traditional memory market. Most, if not all, of the capacity addition across the industry through 2027 will likely go to HBM, the firm contends.