Wall Street is turning increasingly bullish on memory chipmakers SK Hynix and Micron Technology, with fresh price-target hikes pointing to double-digit upside even after a massive rally in 2026.
Wolfe Research analyst Chris Caso raised the firm's SK Hynix target to $250 from $200, implying about 32% upside from Thursday’s open of $189. Caso reiterated a Buy rating and also lifted Micron’s target to $1,500 ahead of its fiscal fourth-quarter earnings on September 30.
The bullish thesis centers on continued strength in memory pricing. Caso expects demand to outpace supply through at least 2028, with further high-bandwidth memory price increases likely in 2027. He also addressed concerns about de-speccing, arguing reduced specifications reflect limited supply rather than falling HBM value.
Cash flow is another key part of the story. Wolfe estimates SK Hynix and Micron could generate enough cash in 2026 and 2027 to repurchase about 32% and 25% of their respective market caps, potentially boosting 2027 earnings per share by up to 47% for SK Hynix and 34% for Micron.
Separately, Rosenblatt’s Kevin Cassidy reiterated a Buy rating with a $1,500 target, while TD Cowen’s Krish Sankar kept a $1,600 target. The average 12-month target on Micron sits near $1,559, implying roughly 44% upside from Thursday’s close of $1,080.53.
Micron shares are up about 279% year-to-date, while SK Hynix’s U.S.-listed shares are up around 13%. For the September 30 report, Wall Street expects Micron to post EPS of $31.49, up from $3.03 a year earlier, and revenue of about $50.91 billion, a roughly 350% jump.
Analysts caution that expectations are elevated, and risks include faster supply additions, weaker HBM demand or falling memory prices. Still, the prevailing view is that AI-driven demand and tight DRAM supply could make this memory upcycle more durable than previous cycles.
