Micron Technology is likely to get a big boost over the coming year if its blockbuster fiscal first-quarter results are anything to go by, even as some investors shrink from the AI trade, according to several Wall Street researchers. Micron shares rose almost 16% in early trading Thursday after the Idaho-based computer memory and storage company posted top and bottom-line results that topped Wall Street estimates in its November quarter. The semiconductor makers earned an adjusted $4.78 per share on revenue of $13.64 billion, topping analysts’ consensus expectations of $3.95 on $12.84 billion, according to LSEG data. Led by CEO Sanjay Mehrotra, Micron also gave stronger-than-expected forward guidance, forecasting earnings of $8.42 per share on revenue of $18.7 billion in its fiscal second quarter, executives told investors. The bullish outlook drove Wall Street firms to raise their own estimates for Micron, with many analysts pushing up their 12-month price targets on the stock to $300 or more. “All told, tonight’s results reaffirm our structural thesis on MU, and we continue to see the company as strongly positioned to continue benefiting from the ongoing memory super-cycle, especially given its strong execution and unique ability to prioritize profitability over market share,” Deutsche Bank analyst Melissa Weathers said Wednesday in a client note. UBS analyst Timothy Arcuri echoed that optimism. “MU reported strong results and guided well above even our high-end Street and any of the investor bogeys we heard into the call. Forward commentary also suggests gross margin will continue to move higher through C2026 – enough of a runway for the bias on the stock to remain to the upside,” Arcuri wrote Thursday. Here’s what Wall Street is saying about Micron: Bank of America: buy rating, $300 price target The bank raised its rating on Micron to buy from neutral, increasing its share price target to $300 from $250, implying 33% upside. “We are changing our view about 1) durability of the memory cycle (persists into CY26E on restrained supply additions and AI demand and [high bandwidth memory] 3x by CY28E), and 2) quality of MU’s balance sheet (30% FCF margin, net cash positive, can start to buyback stock significantly in another year as Chips Act requirements get over),” analyst Vivek Arya said in a note to clients. UBS: buy, $300 UBS raised its price target on buy-rated Micron to $300 from $295. “A momentum investor would rightly argue that this is as good as it gets in terms of upward revisions, but memory is becoming a key strategic asset in an AI-driven world and we think the cycle proves more durable than traditional consumer-led cycles so we are not getting off this train yet. Net, we raise C2026 to ~$41 and C2027 to ~$42 and PT from $295 to $300,” Arcuri wrote. Wells Fargo: overweight, $335 The bank hiked its price target on overweight-rated Micron to $335 from $300, suggesting almost 50% upside from Wednesday’s close. “MU’s results + guide reinforce positive thesis – HBM sustainability, demand > supply beyond CY26 (MU meeting half to two-thirds of demand at several key customers), and tech / portfolio execution. PT to $335 (9x increased CY27 EPS @ $37.40/sh.),” analyst Aaron Rakers wrote Wednesday in a client note. Deutsche Bank: buy, $300 The bank, which has a buy rating on Micron, raised its share price target to $300 from $280. “On much higher estimates (CY26 EPS rises to ~$39; CY27 EPS rises to $46.80), we raise our P/T to $300, on what we view to be a refreshingly low P/E multiple of ~6.4x our CY/27E EPS,” Weathers said.
