Key Takeaways
- Q2 FY26 earnings from Micron arrive March 18, with analysts projecting approximately $19.1B in revenue—a 137% year-over-year increase
- Earnings per share estimates range from $8.60 to $8.74, marking approximately 460% growth versus last year
- The company’s high-bandwidth memory (HBM) inventory is completely allocated through calendar 2026, with capacity covering just 50%–66% of major client needs
- A Taiwan-based chip manufacturing facility acquisition is now complete, with DRAM and HBM output scheduled for fiscal 2028
- Price target upgrades from Wedbush ($500) and Wells Fargo ($470) reflect Strong Buy consensus among 27 Wall Street analysts
Investors are preparing for Micron Technology’s fiscal second quarter 2026 results, scheduled for release on Wednesday, March 18. The anticipated figures have captured significant attention across Wall Street.
The Street anticipates quarterly revenue near $19.1 billion, representing approximately 137% growth year over year. Per-share earnings are expected between $8.60 and $8.74—a more than fivefold increase from the comparable quarter in fiscal 2025.
Artificial intelligence is fueling this explosive growth trajectory. Modern data centers powering advanced language models require unprecedented memory volumes, creating surging demand for both DRAM chips and high-bandwidth memory that manufacturers cannot fully satisfy.
Micron has acknowledged its ability to fulfill only 50% to two-thirds of memory demands from major customers. Rather than a weakness, this constraint provides significant pricing leverage.
Demand Drastically Outstrips Available Supply
Semiconductor fabrication facilities require multiple years to construct and operationalize. Micron projects that substantial new manufacturing capacity won’t arrive until 2027 at minimum. Meanwhile, the company reports complete allocation of HBM production throughout calendar 2026.
This supply-demand disconnect represents the critical factor analysts are monitoring before Wednesday’s announcement. Should management confirm this imbalance persisting through 2026 into 2027, the pricing advantage narrative remains robust.
Based on at-the-money straddle pricing, options markets are anticipating approximately 10.6% movement in either direction post-earnings.
Shares have climbed roughly 42% year to date, most recently trading near $425.96.
Wall Street Upgrades Price Projections
Wedbush’s Matthew Bryson elevated his MU price objective to $500 from $320 while maintaining an Outperform rating. His analysis highlights improving earnings prospects even as shares trade below historical peak multiples for memory sector companies.
Wells Fargo’s Aaron Rakers similarly maintained a Buy rating and increased his target to $470 from $410. Rakers projects peak earnings per share reaching $50–$60, with normalized long-term earnings capacity of $30–$40. He anticipates management will address competitive dynamics around HBM4 technology related to Nvidia’s forthcoming Rubin GPU platform.
Across 27 Wall Street analysts providing coverage, the consensus rating is Strong Buy—comprising 26 Buy ratings and one Hold. The average target price stands at $448.07, suggesting roughly 5% potential appreciation from current trading levels.
Regarding capacity expansion, Micron finalized its acquisition of Powerchip Semiconductor’s P5 manufacturing facility located in Tongluo, Taiwan. This site contains approximately 300,000 square feet of cleanroom infrastructure. Micron intends to modernize the facility for DRAM and HBM manufacturing, targeting initial production shipments in fiscal 2028.
The transaction was initially disclosed in January 2026.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
