Key Points
Micron Technology (NASDAQ: MU) shares have surged roughly 750% over the past 12 months and are up more than 250% year to date, ranking the memory chipmaker as the fourth‑best performer in the S&P 500. The stock has benefited from a streak of record quarterly revenues and robust demand for high‑bandwidth memory products.
Image source: Micron Technology.
The numbers behind the prediction
Micron forecasts Q3 revenue of $33.5 billion, a 40% increase from the prior quarter and about 3.6 times the year‑ago figure. Wall Street analysts currently expect $34.5 billion. Adjusted earnings per share are projected at $19.15, while consensus estimates sit near $19.72—a dramatic jump from the $1.91 EPS recorded in the third quarter of 2025.
The company has beat earnings estimates in eight of the last nine quarters and reports that its 2026 HBM supply is fully sold out, with management saying it can fulfill only about half to two‑thirds of the orders placed by key customers. Analysts are also raising price targets; for example, TD Cowen increased its 12‑month target to $1,500.
What could go wrong
Despite the bullish outlook, Micron remains a cyclical stock. Disappointing Q3 results or any indication of weakening demand could trigger a sharp sell‑off.
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