Micron Technology, Inc. (MU)
Earnings
Micron Technology delivered a decisive upside surprise in its fiscal first quarter, reporting earnings per share of $4.78 on revenue of $13.6 billion, materially exceeding consensus expectations and underscoring the strength of the current memory cycle. The results reflected robust pricing power and volume growth across DRAM and NAND, with high-bandwidth memory and data-center demand emerging as key drivers of margin expansion and operating leverage. More importantly for investors, Micron’s forward guidance signaled a sharp acceleration in fundamentals. Management forecast revenue for the current quarter with a midpoint of $18.7 billion, well above the Street’s prior estimate of $14.3 billion, pointing to rapidly tightening supply conditions and sustained customer demand tied to artificial intelligence, cloud infrastructure, and advanced computing workloads. The magnitude of the guidance beat suggests that AI-related memory content is scaling faster than anticipated, translating into higher average selling prices and improved mix.
The outlook also implies significant sequential margin improvement, as Micron benefits from disciplined industry capacity additions and a favorable demand environment. Analysts view the guidance as confirmation that the memory upcycle is entering a more powerful phase, with earnings visibility extending further into the year.
Analyst Updates
Barclays set a $275 price target on Micron Technology, Inc. (MU), reflecting confidence in the company’s earnings momentum following its latest quarterly results.
Bernstein reiterated an Outperform rating on Micron Technology, Inc. (MU), reflecting improving fundamentals and sustained strength across memory end markets.
Cantor Fitzgerald raised its price target on Micron Technology, Inc. (MU) to $350 from $300 and maintained an Overweight rating, driven by accelerating high-bandwidth memory demand tied to artificial intelligence workloads.
Goldman Sachs set a $235 price target on Micron Technology, Inc. (MU), acknowledging the cyclical recovery while remaining comparatively cautious on valuation.
KeyCorp later raised its price target on Micron Technology, Inc. (MU) to $325 from $215 and maintained an Overweight rating, reflecting improved visibility into pricing and volume growth in earnings.
Mizuho Securities raised its price target on Micron Technology, Inc. (MU) to $290 from $270 and maintained an Outperform rating, supported by favorable supply-demand dynamics in DRAM and NAND.
Morgan Stanley raised its price target on Micron Technology, Inc. (MU) to $350 and reiterated an Overweight rating, highlighting strong data center demand and expanding AI-related memory content.
Piper Sandler raised its price target on Micron Technology, Inc. (MU) to $275 from $200 and maintained an Overweight rating, pointing to tighter industry supply and improving margins.
Raymond James raised its price target on Micron Technology, Inc. (MU) to $310 from $190 and reiterated an Outperform rating, reflecting stronger profitability and improved long-term growth assumptions.
TD Cowen raised its price target on Micron Technology, Inc. (MU) to $300 from $275 and maintained a Buy rating, reflecting robust AI-related demand and improving pricing trends.
UBS Securities also raised its price target on Micron Technology, Inc. (MU) to $300 from $295 and maintained a Buy rating, reflecting enhanced earnings visibility.
Wedbush set a $320 price target and maintained the Buy rating on Micron Technology, Inc. (MU), driven by expectations for continued AI-led growth.
Wells Fargo raised its price target on Micron Technology, Inc. (MU) to $335 from $300 and maintained an Overweight rating, supported by improving pricing discipline and demand trends across memory markets.
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