New York, June 14, 2026, 16:03 EDT.
- Micron Technology ended the session at $981.61, off 1.43%. The Nasdaq Composite added 0.31%. S&P 500 was up 0.50%.
- Goldman Sachs kept its cautious stance going into Micron’s June 24 earnings. Wolfe Research, in its latest note, saw more room to run if memory supply stays tight.
- Micron’s next big event is its third-quarter earnings call, set for June 24 at 4:30 p.m. EDT.
Micron Technology started the week still trading under $1,000, ending Friday at $981.61, while most U.S. indexes climbed. The lag stands out since Micron is seen as a key artificial-intelligence memory play, now valued near $1.12 trillion. Investors are questioning if the earnings outlook is too bullish for the stock.
Caution picked up after Barron’s said Goldman Sachs analyst James Schneider bumped his price target on Micron to $900 from $400, but kept a Neutral call ahead of the company’s June 24 results. The story pointed out that Micron gained 15% in the five sessions before dropping 1.4% on Friday. The stock is near 10.2 times forward earnings, using a forward P/E that tracks price versus estimated future earnings per share.
Micron may be in a new phase, not just following its usual memory cycle, according to the bulls. Insider Monkey reported Sunday that Wolfe Research boosted its price target on Micron to $1,250 from $550, maintaining its Outperform rating. Wolfe cited tighter DRAM pricing and slow bit-shipment growth held back by cleanroom limits. DRAM is the main memory in servers, PCs, and devices. Bit shipments are the total amount of memory sold.
Micron’s numbers show why its shares react quickly to AI-related news. The company posted $23.86 billion in fiscal second-quarter revenue, with non-GAAP EPS at $12.20 and operating cash flow at $11.90 billion. For the fiscal third quarter, Micron guided revenue to $33.5 billion, give or take $750 million, and said gross margin would be about 81%. “In the AI era, memory has become a strategic asset for our customers,” Chairman and CEO Sanjay Mehrotra said in the company’s release. Micron Technology
Pricing is the lever for Micron shares. In its March presentation, Micron said both DRAM and NAND—storage memory found in SSDs and other hardware—will likely stay supply-constrained past calendar 2026. For the fiscal second quarter, average selling prices jumped by a mid-60% range for DRAM and a high-70% range for NAND, both quarter over quarter. If those price gains stick, more revenue could go straight to profit. That’s put the spotlight on high-bandwidth memory, or HBM, which works with AI accelerators and is now at the center of Micron’s valuation debate.
Micron’s business isn’t the issue for the bears—the problem is the stock price, which they say already bakes in top-notch results. TipRanks highlighted investor Kenio Fontes, who warned that even if Micron puts up a solid fiscal Q3, it might not be enough if it misses high expectations. The same TipRanks piece notes the Street’s 12-month average price target is $939, which would mean limited upside, though the consensus stays Strong Buy. Micron is set to spend big, with capex for fiscal 2026 above $25 billion, and its guidance leaves out trade or geopolitical risks.
Micron heads into its June 24 fiscal Q3 call with attention on whether it can deliver on revenue, gross margin and earnings targets. Management’s update on HBM capacity, DRAM, NAND pricing, and how longer-term deals are shaping up will be watched. Micron does not look merely cheap at these levels; the stock’s sharp rally, with analyst targets under the current price, means it probably needs more than decent numbers to climb further. The AI memory angle is still there, but this setup looks risky short term.
