Quick Read
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After surging 683% in a year, MU pulled back to $938 and sits within 2% of our HOLD price target.
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Q3 revenue surged 346% YoY and Q4 guidance hits $50 billion, but Michael Burry has shorted the stock citing AI hype.
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The bull case targets $1,333, which would represent a 42% gain, if HBM4 supply agreements with Ford and GM anchor pricing into 2027.
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Micron Technology (NASDAQ:MU) has been the wildest ride in the AI memory trade. The stock rallied from $119.73 a year ago to a 52-week high of $1,254.81, then pulled back to $938.38 after a Samsung-triggered memory selloff. My question: is another leg higher coming, or is fair value already in the price?
Our 24/7 Wall St. price target for Micron is $957.48 over the next 12 months, implying roughly 2% upside from here. That is a hold, but with a high confidence read of 90%. The stock is essentially at fair value after an epic run.
24/7 Wall St. Price Target Summary
A 683% Rally, Then a Reset
Micron is up 683.77% over the past year and up 228.99% year-to-date, but the tape has cooled off fast. Shares fell 18.69% in the past week after Samsung reported a record $58 billion Q2 operating profit that triggered a sector-wide sell-the-news reaction. Analysts view the pullback as a "healthy reset" within a memory supercycle.
The fundamentals do not look like a top. Fiscal Q3 2026 revenue hit $41.46 billion, up 345.72% YoY, with non-GAAP EPS of $25.11 beating consensus by 23.79%. GAAP gross margin expanded to 84.6% from 37.7% a year ago, and management guided Q4 revenue to $50.0 billion with EPS of $31.
Why Bulls See a Path to $1,486
The bull case is anchored by Wall Street itself. The consensus target sits at $1,486 across 40 buy or strong-buy ratings versus one strong sell. Our own bull scenario points to $1,333.31, a 42.09% return.
The catalysts are stacked: HBM4 is already in high-volume shipments, HBM4E on 1-gamma DRAM targets 2027 volume, and Micron just secured long-term memory supply agreements with Ford and General Motors for next-generation vehicles.
CEO Sanjay Mehrotra says "multi-year Strategic Customer Agreements will significantly enhance the durability and predictability" of results. If those contracts anchor pricing into 2027, $1,300+ is defensible.