TLDR
- Micron (MU) shares have jumped 42% in 2025 and 324% over the trailing twelve months, powered by AI memory chip demand.
- The company reports Q2 fiscal 2026 results on March 18, with analysts projecting earnings per share of $8.74—representing a 460% increase year-over-year—plus revenue reaching $19.03 billion.
- Aaron Rakers from Wells Fargo boosted his target to $470, highlighting optimism around HBM4 technology and sustained earnings growth potential.
- Mizuho kept its Outperform stance with a $480 target, predicting May quarter sales of $25 billion—approximately 8% higher than Street expectations.
- TipRanks Crowd Wisdom signals reveal “Very Positive” investor confidence based on analysis of more than 853,000 portfolios.
Micron (MU) is preparing to take center stage this week. The semiconductor giant delivers its Q2 fiscal 2026 financial results on March 18, and momentum appears favorable leading up to the announcement.
Shares have advanced 42% since the start of the year and an impressive 324% over the past twelve months. This rally has been propelled by constrained memory supply, increasing chip pricing, and persistent demand from data center builders expanding AI capabilities.
Analysts anticipate Micron will deliver earnings per share of $8.74 for the second quarter of fiscal 2026, marking a 460% climb compared to the same period last year. Revenue projections stand at $19.03 billion, representing a 136% year-over-year increase.
These figures are substantial—and several Wall Street firms believe actual results could exceed expectations.
Mizuho maintained its Outperform designation and $480 price objective while forecasting May quarter revenue of $25.0 billion alongside EPS of $11.13. These estimates run approximately 8% above prevailing consensus. For the August period, the firm anticipates $27.2 billion in sales, similarly about 7% beyond Street projections.
Aaron Rakers, a highly-rated Wells Fargo analyst with five stars, remained optimistic. He reaffirmed his Buy recommendation while increasing his price objective from $410 to $470, emphasizing extended earnings visibility and momentum in high-bandwidth memory technology (HBM4).
Rakers currently projects peak earnings power ranging from $50 to $60 per share, with normalized through-cycle earnings capability between $30 and $40 per share. He additionally noted that Micron has already committed or sold its entire 2026 HBM production capacity—and accelerated volume deliveries by one quarter.
HBM4 in Focus
HBM4 technology is anticipated to dominate discussion during the March 18 analyst call. Rakers expects Micron to discuss competitive dynamics surrounding Nvidia’s forthcoming Rubin chip platform, including 11 Gbps pin speed capabilities and advantages from its proprietary CMOS base die technology.
He further highlighted a possible 20% to 30% rise in HBM4 average selling prices compared to HBM3e during the latter half of 2026 as product mix evolves.
Mizuho reinforced the positive HBM outlook, observing that HBM3e demand continues strong in advance of HBM4 introductions, with HBM4 commanding 30% to 45% premium pricing versus earlier generations.
The firm also identified favorable trends in NAND flash, driven by AI requirements for QLC eSSD products and migration to advanced flash manufacturing processes. Hyperscaler capital expenditure is projected to expand 59% year-over-year in 2026, creating an environment that bolsters Micron’s pricing leverage.
Broader Analyst Sentiment
Beyond Wells Fargo and Mizuho, additional Wall Street firms have elevated their outlooks. Wolfe Research pushed its target to $500, reflecting revised DRAM and NAND pricing models. Aletheia Capital reached $650, doubling its fiscal 2026 earnings forecast based on AI-driven growth.
The consensus rating for Micron across 27 Wall Street analysts stands at Strong Buy, comprising 26 Buy ratings and one Hold. The mean price target of $440.67 suggests approximately 9% appreciation potential from present trading levels.
On the product front, Micron recently began shipping 256GB SOCAMM2 modules—representing the semiconductor industry’s highest-capacity LPDRAM configuration for AI server applications. These modules incorporate the first monolithic 32Gb LPDDR5X chip die and deliver a one-third capacity enhancement versus prior generations.
Micron stock is currently changing hands around $405.
