Key Takeaways
- Micron (MU) shares have jumped 42% in 2025 and 324% over 12 months, powered by AI-driven memory chip demand.
- The company reports Q2 fiscal 2026 results on March 18, with expectations for $8.74 EPS — representing 460% annual growth — and $19.03 billion in sales.
- Aaron Rakers from Wells Fargo boosted his target to $470, emphasizing strong HBM4 momentum and sustained earnings outlook.
- Mizuho continues with an Outperform stance and $480 target, projecting May quarter sales of $25 billion, exceeding consensus by 8%.
- TipRanks Crowd Wisdom indicates “Very Positive” investor sentiment based on data from more than 853,000 portfolios.
Micron (MU) is preparing for a pivotal moment. The memory semiconductor manufacturer will unveil Q2 fiscal 2026 financial results on March 18, and momentum appears strong leading up to the announcement.
Shares have advanced 42% since the start of the year and an impressive 324% over the trailing 12 months. This remarkable rally stems from constrained memory supplies, climbing chip prices, and sustained demand from data center providers expanding AI capabilities.
Analysts tracking Micron anticipate Q2 FY26 earnings per share of $8.74, marking a remarkable 460% increase compared to the prior year. Revenue projections stand at $19.03 billion, representing 136% year-over-year expansion.
These figures are substantial — and several analysts believe the company could exceed these already elevated expectations.
Mizuho maintained its Outperform assessment with a $480 target, forecasting May quarter revenue reaching $25.0 billion alongside EPS of $11.13. This outlook sits approximately 8% above current Street estimates. For the August period, the firm anticipates $27.2 billion in sales, also roughly 7% higher than consensus.
Wells Fargo’s Aaron Rakers, a top-ranked five-star analyst, reinforced his bullish stance. He maintained a Buy recommendation while increasing his price target from $410 to $470, highlighting sustained earnings visibility and robust high-bandwidth memory (HBM4) fundamentals.
Rakers now projects peak earnings per share between $50 and $60, with normalized through-cycle earnings capacity of $30 to $40 per share. He noted that Micron has completely allocated or sold its entire 2026 HBM production — and accelerated volume deliveries by one quarter.
HBM4 Takes Center Stage
HBM4 is anticipated to dominate discussion during the March 18 earnings conference call. Rakers predicts Micron will elaborate on competitive dynamics surrounding Nvidia’s forthcoming Rubin chip generation, including 11 Gbps pin speeds and advantages from its proprietary CMOS base die technology.
He also highlighted a potential 20% to 30% increase in HBM4 pricing compared to HBM3e during the latter half of 2026 as product mix evolves.
Mizuho reinforced the optimistic HBM outlook, observing that HBM3e demand continues robustly before HBM4 introductions, with HBM4 commanding 30% to 45% premium pricing versus its predecessor.
The firm also identified favorable trends in NAND, propelled by AI requirements for QLC eSSD solutions and migrations to advanced flash technology nodes. Hyperscaler capital expenditure is projected to climb 59% year-over-year in 2026, a dynamic that strengthens Micron’s pricing leverage.
Wall Street Consensus Trends Higher
Beyond Wells Fargo and Mizuho, additional analyst price objectives have climbed. Wolfe Research elevated its target to $500, referencing updated DRAM and NAND pricing models. Aletheia Capital jumped to $650, doubling its FY2026 earnings projection based on AI-related demand drivers.
Micron’s aggregate rating from 27 Wall Street analysts stands at Strong Buy, featuring 26 Buy recommendations and one Hold rating. The mean price target of $440.67 suggests approximately 9% potential appreciation from current price levels.
On the product front, Micron recently delivered 256GB SOCAMM2 modules — representing the industry’s highest-capacity LPDRAM solution for AI server applications. These modules utilize the first monolithic 32Gb LPDDR5X die and deliver a one-third capacity improvement over earlier versions.
Micron stock currently trades around $405.
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