MU
Wall Street still loves the memory trade
Micron spent Friday morning doing its best impression of a calm kid in class — basically unchanged — while the broader chip mood stayed risk-on. But the real action came from analysts, who keep leaning into the same story: memory demand is looking mighty thirsty, and supply isn’t exactly sprinting to catch up.
Wolfe Research reiterated its Outperform rating on Micron and bumped its price target to $1,250, arguing that stronger DRAM and NAND pricing could keep the party going through at least 2027. Translation: if you thought the memory cycle was over, the Street is basically saying, “cute theory, try again.”
The bull case is getting louder
Wolfe isn’t alone in the cheer squad. Goldman Sachs recently kept a Neutral rating but lifted its target to $900, while Wells Fargo stayed Overweight and raised its forecast to $1,220. When analysts from different corners of Wall Street are all nudging their numbers higher, that’s usually a sign the narrative has changed from “maybe” to “show me the downside.”
A few key takeaways from the note:
- DRAM and NAND pricing expectations are still climbing
- HBM pricing may rise as suppliers aim for healthier margins
- Cleanroom capacity is the bottleneck, which is a very fancy way of saying supply can’t just magically appear
The next boss level: earnings
All that optimism runs into the actual scoreboard on June 24, when Micron is slated to report earnings. Analysts are looking for EPS of $19.46 on revenue of $34.07 billion, which would be a very dramatic glow-up from last year’s numbers.
And that’s the whole setup: if Micron delivers, the stock can keep stretching. If it stumbles, this rally could take a breather fast. The stock already sits near its 52-week high zone, so investors are basically asking whether this is the beginning of a bigger run or just a very expensive victory lap.
Big picture: Micron’s chart is hot, the analyst targets are getting loftier, and June 24 now looks like the real stress test for whether this memory-chip binge still has legs.