Micron (MU) going up to $2,100?…Wall Street's highest target price with 97% upside potential

▲ Micron (MU) logo/Source: X ©

With Micron Technology (MU) increasing its fiscal year 2026 revenue by 256% year-over-year, Wall Street analysts have projected that the stock price could rise to as high as $2,100 over the next 12 months. Strong performance and fiscal year 2027 Q1 guidance led to increased target prices, but a conflicting long-term outlook also suggested that the stock's fair value could drop to $700 after the cyclical peak of the memory industry.

According to crypto media outlet Finbold on October 1 (local time), Vijay Rakesh of Mizuho Securities maintained a 'Buy' rating for Micron and raised his target price from the previous $1,300 to $1,400. This represents a 31.44% upside potential compared to the closing price of $1,065.11 on September 30. James Schneider of Goldman Sachs maintained a 'Hold' rating and a target price of $1,100, while Krish Sankar of TD Cowen reaffirmed a 'Buy' rating and a target price of $1,600.

The highest projection came from D.A. Davidson. Gil Luria maintained a positive investment opinion and set a new Street High target price for Micron at $2,100. Based on the recent closing price, this projects a 97.16% increase over the next 12 months. While target prices from major Wall Street analysts varied significantly from $1,100 to $2,100, the view that Micron's growth potential remains high continued even after the earnings announcement.

The target price adjustments were driven by strong earnings. Micron recorded revenue of $54.23 billion in Q4 fiscal year 2026, exceeding the estimated $51.07 billion, and Earnings Per Share (EPS) also surpassed expectations at $33.42 compared to the estimated $31.61. The Gross Margin increased to 87%. The Q1 fiscal year 2027 guidance also exceeded market expectations with revenue of $61.5 billion and EPS of $38.15, although the Gross Margin forecast of 86.25% was slightly below analysts' estimates of 86.4%.

Annual performance grew even more steeply. Micron's fiscal year 2026 revenue was $133.19 billion, an increase of 256.31% from $37.38 billion in fiscal year 2025. However, despite record-breaking performance, the stock price did not establish a clear upward trend. After sharp rises and falls following the earnings announcement, it traded at $1,062.75 in pre-market on Thursday, 0.22% lower than the previous day's regular session closing price of $1,065.11.

A cautionary view also emerged for the long-term outlook. Morningstar, citing the slowing price appreciation despite Micron's strong performance, projected that the current cyclical upswing in the memory industry is entering its final phase and will peak in 2028. It further suggested that a steep downturn could occur in 2029 and lowered Micron's Fair Value from the previous $850 to $700. This is 34.28% lower than the recent closing price and 66.67% lower compared to D.A. Davidson's 12-month target price of $2,100, illustrating the gap between short-term earnings expectations and long-term industry outlook.

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