Key Highlights
- Wolfe Research upgraded MU price target to $1,250 from $550, maintaining Outperform rating
- Wells Fargo increased target to $1,220 (Overweight); Goldman Sachs raised to $900 (Neutral)
- MU shares surged approximately 11% Thursday; retreated 0.97% to $986.23 in Friday premarket
- June 24 earnings call approaches — Wall Street forecasts EPS of $19.46 versus prior year’s $1.91
- Memory supply expected to trail demand through 2027, with potential extension into 2028
Shares of Micron Technology (MU) were changing hands at $986.23 during Friday’s premarket session, sliding 0.97% after Thursday’s impressive rally of nearly 12%. The previous day’s momentum emerged as multiple Wall Street firms simultaneously increased their price forecasts for the semiconductor manufacturer.
The most aggressive revision came from Wolfe Research, which more than doubled its price objective to $1,250 from $550 while reaffirming its Outperform stance. This substantial adjustment reflects a dramatic transformation in the firm’s outlook on memory chip pricing dynamics.
Wolfe’s refreshed financial model incorporates more aggressive price appreciation expectations for both DRAM and NAND segments throughout 2026 and 2027. The research house now anticipates Micron will generate $226.5 billion in fiscal 2027 revenue alongside earnings of $135 per share.
The firm’s analysis suggests high-bandwidth memory (HBM) pricing will continue its upward trajectory. Memory suppliers are pursuing profit margins that align more closely with conventional DRAM products, and Wolfe anticipates demand will exceed available supply through 2027 at minimum — with the imbalance potentially extending through 2028.
A critical component of this investment thesis centers on cleanroom capacity limitations. The physical infrastructure required for semiconductor production faces expansion constraints, which will complicate efforts to scale bit shipment volumes. This dynamic should maintain supply pressure even as artificial intelligence applications fuel increased demand.
Wolfe’s bullish stance wasn’t an isolated occurrence. Goldman Sachs kept its Neutral rating intact while elevating its price target to $900. Wells Fargo reaffirmed its Overweight position and increased its forecast to $1,220. Additional upgrades arrived from Susquehanna, DA Davidson, and Mizuho in recent sessions.
The analyst community’s consensus currently reflects a Buy recommendation, with the average price objective landing at $927.29.
Upcoming June 24 Earnings Report Takes Center Stage
Micron’s fiscal third-quarter earnings announcement is slated for June 24. Wall Street analysts project EPS of $19.46, representing substantial growth from the $1.91 reported in the corresponding quarter one year earlier. Revenue estimates stand at $34.07 billion, dramatically higher than the $9.30 billion recorded in the prior-year period.
These projections represent significant year-over-year expansion, and investors will scrutinize whether Micron can meet or exceed these elevated expectations.
Chart Analysis
From a technical perspective, MU maintains a robust long-term upward trajectory. The stock trades 12.2% above its 20-day moving average of $882.85 and a substantial 162.5% above its 200-day moving average of $377.38.
The moving average configuration remains constructive for bulls — the 20-day average sits above the 50-day, which in turn exceeds the 200-day. This hierarchical arrangement represents an ideal setup for momentum-oriented traders.
However, short-term momentum indicators suggest some caution. The MACD line has crossed below its signal line, indicating the recent advance may be consolidating or pausing.
The next significant resistance level appears around $1,089.50, positioned near Micron’s 52-week high territory.
Broader equity market sentiment provided tailwinds on Friday, with Nasdaq futures advancing 0.60% and S&P 500 futures climbing 0.65%.
Wolfe Research’s $1,250 price objective represents the most optimistic forecast among Wall Street analysts covering the stock.
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