Micron Technology (MU) stock has surged 42% year-to-date and over 300% in the past year, driven by relentless AI infrastructure demand and tight memory supply. The memory-chip giant is set to report its fiscal Q2 2026 earnings on March 18, with Wall Street expecting explosive growth. Analysts forecast earnings per share (EPS) of approximately $8.74, a staggering 460% year-over-year jump, and revenue of around $19.03 billion, up 136%.
In the lead-up to the report, multiple analysts have raised their price targets, reflecting strong confidence in Micron's positioning. Wells Fargo analyst Aaron Rakers lifted his target to $470 from $410, citing long-term earnings visibility and strength in high-bandwidth memory (HBM), specifically the upcoming HBM4 generation. He noted Micron has already sold out its 2026 HBM output.
Mizuho maintained its Outperform rating with a $480 target, forecasting May quarter revenue of $25 billion—8% above consensus—and sees HBM4 carrying 30% to 45% higher average selling prices than HBM3e. Wedbush sharply increased its target to $500 from $320, pointing to memory contract prices that have risen well ahead of guidance, with some seeing near triple-digit percentage gains.
The bullish sentiment is widespread; out of 49 firms tracked, 44 rate Micron a Buy. The demand driver is clear: hyperscaler capital expenditure is expected to rise 59% year-over-year in 2026 to support AI infrastructure, fueling demand for Micron's advanced memory products like its 256GB SOCAMM2 modules for AI servers.
