Micron’s Memory Surge: Why Wall Street Is Betting Big

Micron Technology has seen its shares jump almost three times since the start of the year, thanks to a boom in AI‑driven demand for memory chips. Investors are keenly watching the company’s Q3 earnings, scheduled for June 24, to see if the upward trend continues. Analysts from major firms have lifted their price targets, reflecting optimism about strong pricing power and sustained demand. One key driver is the rise in average selling prices for DRAM, especially high‑bandwidth memory (HBM). Even if conventional DRAM rates level off, HBM could see a 50‑plus percent price jump by 2027 as AI workloads expand. Expectations for the upcoming quarter are impressive. Earnings per share are projected at $20. 57, a dramatic lift from the previous year’s $1. 91. Revenue forecasts are set to climb more than 280% to about $35. 56 billion, thanks to robust demand for both HBM and other memory products amid a supply crunch.Several analysts have responded by boosting their targets. One raised it to $1, 500 from $550, citing the surge in AI‑driven memory usage. Another lifted his estimate to $1, 300 after noting significant price hikes in NAND and DRAM during the early part of 2026. A third analyst increased his target to $1, 200, pointing out a longer‑lasting memory cycle and the potential for higher HBM prices to improve margins. Despite these bullish outlooks, Wall Street’s consensus remains a “Strong Buy” with 24 buy ratings and only two holds. The average target price suggests about a 6% upside from current levels, indicating that analysts see room for growth but also expect the stock to remain fairly expensive. Investors should weigh these projections against the broader market context. While AI demand is strong, supply constraints could limit production and push prices higher, affecting profitability. Additionally, shifts in data center needs or new competitors could alter the memory landscape. In short, Micron’s recent performance and projected earnings make it an attractive pick for those willing to accept the premium, but careful consideration of supply dynamics and pricing trends is essential before committing.