Micron Technology shares closed Friday at $1,029, leaving the stock trapped below the $1,100 level even as Wall Street’s most aggressive analysts argue it could reach $3,000. D.A. Davidson analyst Gil Luria raised his target to $3,000 on October 7, maintaining a Buy rating and saying investors are still early in understanding Micron’s value.
World Trade Securities chief executive Nicholas Mugalli presented a similar bull case, projecting $3,000 within two years if fiscal 2028 earnings approach $200 per share and the stock trades around 15 times earnings. Micron has said more than 75% of its fiscal 2027 output is already committed, while 26 strategic customer agreements cover more than 35% of estimated revenue through 2030.
Still, the shares have gained more than 260% this year and have stayed between $1,000 and $1,100 since mid-September. The latest caution followed broader weakness in AI-linked stocks after questions emerged around OpenAI’s revenue trajectory. Some analysts estimate fair value near $1,500 with longer-term potential around $2,000.
Concerns over AI spending and memory pricing have also weighed on semiconductor shares broadly. Samsung posted record profit on October 8, but its stock still declined, and some investors worry that industry capacity expansion in 2028 could pressure current memory prices.
On October 8, Micron’s board increased its share repurchase authorization to $35.16 billion. Expanded purchases may start on December 9, subject to conditions under the company’s CHIPS Act funding agreements. UBS analyst Timothy Arcuri expects buybacks to become an important support factor, potentially beginning around $20 billion per quarter, and maintains a $1,625 price target.
