Key Takeaways
- Wolfe Research boosted MU price target to $1,250 from $550, maintaining Outperform rating
- Goldman Sachs increased target to $900 (Neutral rating); Wells Fargo raised forecast to $1,220 (Overweight rating)
- Shares climbed approximately 11% Thursday; Friday premarket showed 0.97% decline to $986.23
- June 24 earnings report expected to show EPS of $19.46 versus prior year’s $1.91
- Memory market dynamics point to demand exceeding supply through 2027, potentially extending to 2028
Micron Technology (MU) shares traded at $986.23 during Friday’s premarket session, slipping 0.97% after Thursday’s impressive near-12% rally. The previous day’s momentum came as multiple Wall Street firms rushed to upgrade their price outlooks on the semiconductor manufacturer.
The most aggressive revision came from Wolfe Research, which more than doubled its price objective to $1,250 from $550 while maintaining its Outperform designation. This substantial upgrade underscores a dramatic shift in the firm’s perspective on memory chip pricing trends.
According to Wolfe’s analysis, the revised forecast incorporates stronger anticipated price increases for DRAM and NAND products throughout 2026 and 2027. The research firm now anticipates Micron will generate $226.5 billion in fiscal 2027 revenue alongside earnings of $135 per share.
Wolfe’s outlook highlights continued upward pressure on high-bandwidth memory (HBM) pricing. Component manufacturers are targeting profit margins comparable to conventional DRAM offerings, and analysts believe robust demand will outstrip available supply through 2027, with potential extension into 2028.
A critical factor supporting this view involves cleanroom capacity limitations. Physical infrastructure constraints for semiconductor manufacturing suggest bit shipment expansion will face hurdles, maintaining tight supply conditions even as AI applications drive accelerating demand.
Wolfe’s upgrade wasn’t an isolated event. Goldman Sachs kept its Neutral stance while lifting its price objective to $900. Wells Fargo reaffirmed its Overweight recommendation and elevated its target to $1,220. Additional upgrades came from Susquehanna, DA Davidson, and Mizuho in recent trading sessions.
Current analyst consensus reflects a Buy recommendation, with the average price target landing at $927.29.
Upcoming June 24 Earnings Report Takes Center Stage
Micron’s forthcoming quarterly results are slated for June 24. Wall Street anticipates earnings per share of $19.46, representing a dramatic increase from the $1.91 reported in the corresponding quarter last year. Revenue projections call for $34.07 billion versus the prior year’s $9.30 billion.
These substantial year-over-year increases have the market’s attention, with investors eager to see whether Micron can meet or exceed these elevated expectations.
Chart Analysis
From a technical standpoint, MU demonstrates a robust long-term upward trajectory. Current pricing sits 12.2% above the 20-day moving average of $882.85 and an impressive 162.5% above the 200-day moving average of $377.38.
The moving average configuration remains constructive—the 20-day exceeds the 50-day, which surpasses the 200-day. This layered arrangement represents the type of technical setup that attracts momentum traders.
However, recent momentum indicators show some cooling. The MACD oscillator currently trades beneath its signal line, hinting that the latest advance may be consolidating.
Immediate overhead resistance appears near $1,089.50, approaching Micron’s 52-week peak territory.
Broader equity market sentiment provided support Friday morning, with Nasdaq futures advancing 0.60% and S&P 500 futures climbing 0.65%.
Wolfe Research’s $1,250 projection represents the Street’s most optimistic outlook for Micron currently.
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