From $124 to $938 in a Year, Is Another Rally Coming For Micron?

Micron Technology (NASDAQ:MU) has been the wildest thrust successful the AI representation trade. The banal rallied from $119.73 a twelvemonth agone to a 52-week precocious of $1,254.81, past pulled backmost to $938.38 aft a Samsung-triggered representation selloff. My question: is different limb higher coming, oregon is just worth already successful the price?

Our 24/7 Wall St. terms people for Micron is $957.48 implicit the adjacent 12 months, implying astir 2% upside from here. That is simply a hold, but with a precocious assurance work of 90%. The banal is fundamentally astatine just worth aft an epic run.

24/7 Wall St. Price Target Summary

A 683% Rally, Then a Reset

Micron is up 683.77% implicit the past twelvemonth and up 228.99% year-to-date, but the portion has cooled disconnected fast. Shares fell 18.69% successful the past week aft Samsung reported a grounds $58 cardinal Q2 operating nett that triggered a sector-wide sell-the-news reaction. Analysts presumption the pullback arsenic a "healthy reset" wrong a representation supercycle.

The fundamentals bash not look similar a top. Fiscal Q3 2026 gross deed $41.46 billion, up 345.72% YoY, with non-GAAP EPS of $25.11 beating statement by 23.79%. GAAP gross borderline expanded to 84.6% from 37.7% a twelvemonth ago, and absorption guided Q4 gross to $50.0 cardinal with EPS of $31.

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Why Bulls See a Path to $1,486

The bull lawsuit is anchored by Wall Street itself. The statement people sits astatine $1,486 crossed 40 bargain oregon strong-buy ratings versus 1 beardown sell. Our ain bull script points to $1,333.31, a 42.09% return.

The catalysts are stacked: HBM4 is already successful high-volume shipments, HBM4E connected 1-gamma DRAM targets 2027 volume, and Micron conscionable secured semipermanent representation proviso agreements with Ford and General Motors for next-generation vehicles.

CEO Sanjay Mehrotra says "multi-year Strategic Customer Agreements volition importantly heighten the durability and predictability" of results. If those contracts anchor pricing into 2027, $1,300+ is defensible.