Micron Technology

MU · NASDAQ

$896.07−$8.83 (−0.98%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $904.90

MU analyst rating

BuyConsensus of 33 analysts over the last 12 months. 94% rate it a buy.

Strong buy0
Buy31
Hold2
Underperform0
Sell0

12-month price target · 49 analysts

Average $1,502.96 (+67.7% upside)

Low: $191.90
Now: $896.07
High: $2,205.00

Upgrades and downgrades

The latest rating actions, newest first

MU analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Oct 13, 2026	Maintains	Buy	$1,900.00	53%
DA Davidson	Oct 7, 2026	Maintains	Buy	$2,100.00 → $3,000.00	51%
Mizuho	Oct 1, 2026	Maintains	Outperform	$1,300.00 → $1,400.00	59%
Morgan Stanley	Oct 1, 2026	Maintains	Overweight	$1,200.00	56%
TD Cowen	Oct 1, 2026	Maintains	Buy	$1,600.00	56%
RBC Capital	Oct 1, 2026	Maintains	Outperform	$1,500.00	69%
DA Davidson	Oct 1, 2026	Maintains	Buy	$2,000.00 → $2,100.00	51%
Rosenblatt	Oct 1, 2026	Maintains	Buy	$1,500.00 → $1,900.00	53%
Cantor Fitzgerald	Oct 1, 2026	Maintains	Overweight	$2,000.00	58%
Needham	Oct 1, 2026	Maintains	Buy	$1,650.00	44%

The case for and against

Updated Oct 14, 2026

Bull case

Micron Technology is positioned for a favorable multi-year earnings cycle because AI-driven memory demand is rising faster than supply, with management indicating tight conditions through 2027 and 2028 and even the possibility that memory markets could be tighter in 2028 than today. Its scale in DRAM, minority NAND exposure, and vertically integrated manufacturing support pricing power, while 26 SCAs covering about 35% of revenue through 2030 and $150B of RPO under pricing frameworks add visibility and reduce downside risk. The latest figures reinforce the thesis: F4Q26 revenue reached $54.2B, up 379% year over year, F1Q27 revenue guidance was $60B to $63B, and management expects gross margins to remain exceptionally strong while excess cash is returned to shareholders through buybacks.

Bear case

Micron Technology is exposed to a negative fundamental setup because its global manufacturing footprint across Taiwan, Singapore, Japan, Malaysia, China and India increases geopolitical and supply-chain risk, while its inability to advance to next-gen process technologies could weaken customer qualification and future share gains. Although August Q revenue reached $54.23B and DRAM revenue rose to $39.8B, gross margin guidance of ~86.25% was still pressured by a roughly $1B inventory and startup-cost headwind and rising DRAM/NAND costs of +16%/+19% Q/Q. Management’s view that supply and demand will worsen in CY27 and CY28 versus CY26, alongside China demand restrictions and faster supply utilization, implies limited margin expansion and weaker ROIC.

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