Memory chipmaker Micron Technology (MU) has had a strong year, with the stock up 186% year-to-date, and Goldman Sachs believes the gains may continue. In a new note, top analyst James Schneider raised his price target to $205 from $180 and kept a Buy rating. He said the memory market remains tight, which he believes benefits Micron more than many investors realize.
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Notably, Micron will report its results for the first quarter of Fiscal 2026 on December 17. Wall Street expects the company to post adjusted earnings per share (EPS) of $3.80 on revenues of $12.62 billion.
Tight Supply and Strong Pricing Continue to Lift Micron
Schneider said the core idea remains clear. The memory industry is still in a phase of low supply in DRAM and NAND, which is pushing prices higher. He expects this trend to continue. He also said steady pricing could lift earnings above current Wall Street estimates, even if growth in the February quarter is slower.
The analyst added that Micron is in a good phase of the memory cycle. Prices are holding up, demand from AI servers is getting stronger, and supply is still tight. He believes this mix gives the stock room to climb even after its big run this year.
As the earnings date nears, expectations are high. Many investors expect Micron to benefit again from strong DRAM pricing. They also expect the company to hold or grow its share in HBM (high bandwidth memory), helped by stable pricing in regular DRAM products.
Is Micron a Good Stock to Buy?
Micron stock has a consensus Strong Buy rating among 29 Wall Street analysts. That rating is based on 26 Buy and three Hold recommendations assigned in the last three months. The average MU price target of $232.25 implies 3.02% downside from current levels.
