Micron (MU) earns a high-confidence BUY at $928.59 despite a 14% weekly drop, backed by $50B Q4 guidance and $100B in locked customer agreements.
Peers Sandisk (SNDK) and Western Digital (WDC) confirm the AI memory boom, with Sandisk posting 251% revenue growth at 78% margins, making Micron's target look conservative.
Mehrotra warned DRAM demand will exceed supply beyond 2027, but CXMT's $8.5B IPO is the single risk that could unravel Micron's bull case.
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Chip stocks have taken a hit this week, and Micron Technology (NASDAQ:MU) sits at the center of the pullback. After a historic run through the first half of 2026, shares have surrendered ground on TSMC capex worries, Chinese competitor CXMT's planned IPO, and chatter about potential HBM export controls.
Our 24/7 Wall St. price target for Micron is $928.59, implying 8.84% upside from Thursday's close of $853.20. Recommendation: Buy at high confidence.
Micron is down 13.96% over the past week and 16.4% over the past month, yet still sits on a 199.12% year-to-date gain and trades 19% below its 52-week high of $1,254.81.
Fiscal Q3 2026, reported June 24, 2026, delivered revenue of $41.46 billion (up 345.7% year over year), non-GAAP EPS of $25.11, and gross margin of 84.9%. Q4 guidance points to $50 billion in revenue and roughly 86% gross margins. The selling reflects sentiment shifts while fundamentals remain strong.
The bull case rests on a structural memory shortage. CEO Sanjay Mehrotra told analysts "DRAM and NAND industry demand continues to significantly exceed industry supply. We expect tight conditions to persist beyond calendar 2027."
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Micron has already shipped over $1 billion in HBM4 revenue, with 16 Strategic Customer Agreements covering roughly $100 billion in remaining performance obligations.
KeyBanc raised its target to $1,750 during the pullback. The bull scenario reaches $1,330.10 within twelve months, a 55.9% return if HBM pricing and SCA volumes track management's plan.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
