TLDR
- Micron shares trade 15% below their Feb. 2 record closing high of $437.80
- Citi upgraded its price target from $385 to $430 while keeping a Buy rating before the March 18 earnings release
- Susquehanna increased its target from $345 to $525 while maintaining a Positive rating
- Citi projects DRAM prices will surge 171% year-over-year in 2026 driven by data center demand
- Reports indicate SK Hynix and Samsung secured exclusive HBM4 supply agreements for Nvidia’s Vera Rubin accelerator, with Micron currently absent from the deal
Micron shares advanced on Monday, climbing 0.5% to $372.29, as Wall Street analysts delivered upbeat price target revisions alongside news that Korean competitors had secured an important Nvidia supply agreement.
The semiconductor stock experienced recent pressure, dropping 6.7% on Friday following a 0.9% decline the previous session. These moves left shares 15% beneath the record closing peak of $437.80 reached on Feb. 2.
Market participants are focusing attention on Micron’s upcoming second-quarter financial results scheduled for March 18.
Two prominent Wall Street research firms announced upward price target adjustments on Monday. Citi preserved its Buy rating while increasing its target from $385 to $430. Susquehanna maintained its Positive stance while making a substantial upward revision, raising its target from $345 to $525.
Citi analyst Atif Malik highlighted accelerating memory prices as the primary catalyst. His updated forecast calls for DRAM average selling prices to climb 171% year-over-year in 2026, powered by vigorous data center demand. NAND prices are projected to jump 127% year-over-year based on strong eSSD demand.
“Our supply chain discussions and analysis point to majority of the 2026 hyperscale capex revision to be driven by higher memory costs,” Malik wrote in his note.
Malik referenced reports indicating Samsung is implementing DRAM price increases of 100% quarter-over-quarter in the first quarter.
Citi’s research team observed that a central question among investors centers on whether the present memory upcycle mirrors the prolonged expansion witnessed during the 1990s Windows PC era. They anticipate Micron stock can sustain its momentum in 2026, though they cautioned that relative outperformance may moderate in the second quarter following a dramatic price rally in Q1.
SK Hynix and Samsung Grab Nvidia HBM4 Deal
Korean media sources reported Sunday that SK Hynix and Samsung received selection as exclusive HBM4 memory suppliers for Nvidia’s upcoming Vera Rubin accelerator. Barron’s indicated it had contacted all three companies seeking confirmation.
The development initially sparked questions regarding Micron’s standing in the high-bandwidth memory sector.
Independent analyst Richard Windsor of Radio Free Mobile challenged the pessimistic interpretation. He anticipates Micron will join as a supplier during the latter part of 2026 as production volumes scale up.
“Furthermore, I do not expect that Micron will suffer a loss of revenues, as everyone is fully booked out for 2026,” Windsor wrote. He noted that any capacity previously allocated for Nvidia would find buyers among alternative customers.
What to Watch at Earnings
Susquehanna analyst Mehdi Hosseini indicated that supply and demand dynamics in the memory sector could reach equilibrium around mid-2027 as fresh production facilities become operational.
He suggested that increasingly complex AI workloads may sustain elevated memory demand even as profit margins begin compressing at that juncture.
Examining the previous three memory demand cycles dating back to the 1990s, Citi observed that Micron shares have typically reached peak valuations two to four months ahead of DRAM price tops. With DRAM prices forecast to continue rising throughout 2026, Citi identifies potential for additional stock appreciation.
Micron will release second-quarter earnings results on March 18.
