TLDR
- Micron (MU) shares have advanced 42% year-to-date and climbed 324% over twelve months, powered by AI memory chip demand.
- Q2 FY26 results arrive March 18, with analysts projecting EPS of $8.74 — representing 460% annual growth — alongside $19.03 billion revenue.
- Aaron Rakers at Wells Fargo elevated his price target to $470, highlighting HBM4 momentum and sustained earnings potential.
- Mizuho continues with an Outperform rating and $480 target, estimating May quarter revenue at $25 billion, exceeding consensus by 8%.
- TipRanks Crowd Wisdom reveals “Very Positive” sentiment across more than 853,000 monitored investor portfolios.
Micron (MU) prepares to take center stage as the memory-chip manufacturer delivers Q2 FY26 financial results on March 18, entering the earnings window with considerable momentum.
Shares have advanced 42% year-to-date and surged 324% during the past twelve months. This rally stems from constrained memory availability, elevated chip pricing, and persistent demand from data center builders expanding AI computing capacity.
Analysts anticipate Micron will deliver Q2 FY26 EPS of $8.74, marking 460% year-over-year expansion. Revenue projections stand at $19.03 billion, representing 136% growth compared to the prior year.
These figures carry substantial weight — and Wall Street believes upside potential remains.
Mizuho maintains its Outperform stance with a $480 price objective, forecasting May quarter revenue reaching $25.0 billion alongside EPS of $11.13. These estimates exceed current consensus by approximately 8%. The firm anticipates August quarter revenue hitting $27.2 billion, similarly outpacing Street expectations by roughly 7%.
Aaron Rakers, a five-star Wells Fargo analyst, reinforced his bullish position. He maintained a Buy rating while elevating his price objective from $410 to $470, emphasizing durable earnings visibility and momentum in high-bandwidth memory (HBM4).
Rakers currently projects peak EPS between $50 and $60 per share, with normalized earnings capacity spanning $30 to $40 per share. He highlighted that Micron has committed or sold its entire 2026 HBM production — and accelerated volume deliveries by one quarter.
HBM4 in Focus
HBM4 will likely dominate discussion during the March 18 earnings call. Rakers anticipates Micron will clarify competitive dynamics surrounding Nvidia’s forthcoming Rubin chip generation, including 11 Gbps pin speed capabilities and advantages from its proprietary CMOS base die technology.
He identified potential HBM4 average selling price increases of 20% to 30% compared to HBM3e during the second half of 2026 as product mix evolves.
Mizuho reinforced this optimistic HBM perspective, observing HBM3e demand continues robustly before HBM4 debuts, with HBM4 commanding 30% to 45% premium pricing versus earlier generations.
The firm also identifies favorable NAND trends, propelled by AI requirements for QLC eSSD and migration to advanced flash technology nodes. Hyperscaler capital expenditure is projected to increase 59% year-over-year in 2026, creating conditions that support Micron’s pricing leverage.
Broader Analyst Sentiment
Beyond Wells Fargo and Mizuho, additional analyst price objectives have risen. Wolfe Research pushed its target to $500, reflecting revised DRAM and NAND pricing models. Aletheia Capital moved to $650, doubling its FY2026 earnings forecast based on AI-driven demand.
Micron’s consensus rating from 27 Wall Street analysts stands at Strong Buy, comprising 26 Buy recommendations and one Hold. The average price target of $440.67 suggests approximately 9% appreciation from present levels.
On the product front, Micron recently delivered 256GB SOCAMM2 modules — representing the industry’s highest-capacity LPDRAM solution for AI servers. These modules incorporate the first monolithic 32Gb LPDDR5X die and provide a one-third capacity improvement over earlier versions.
Micron stock currently trades around $405.
