Micron Technology Inc. (NASDAQ:MU) saw its stock price advance 4.5% on Friday as the market awaited the company’s quarterly results, which are due on Wednesday, March 18. The rise followed upbeat commentary from prominent Wall Street analysts ahead of the report.
Wedbush analyst Matthew S. Bryson raised his price objective on Micron to $500 from $320 while keeping an Outperform rating. Bryson wrote:
"with both numbers moving higher and MU trading below what we view as typical peak earnings multiples, we see no reason to shift our positive view on the name (or more broadly the memory industry)."
Separately, Mizuho analyst Vijay Rakesh reaffirmed an Outperform rating and maintained a $480 price target on Micron shares. Rakesh noted:
"We see continued upside for MU into earnings on March 18, with memory and pricing tailwinds, as hyperscaler Capex continues to ramp (2026E Capex now estimated up 59% y/y)."
Mizuho also published specific near-term projections for Micron that sit above consensus forecasts. The firm expects May quarter revenue of $25.0 billion and earnings per share of $11.13, figures it says are about 8% higher than consensus estimates of $21.9 billion in revenue and $10.30 in EPS. For the August quarter, Mizuho projects revenue of $27.2 billion and EPS of $12.25, roughly 7% ahead of consensus estimates of $24.2 billion and $11.48 in earnings per share.
The combination of elevated analyst price targets and forward-looking revenue and earnings estimates helped support the stock’s move higher as investors weigh the company’s near-term outlook ahead of the report.
Summary
Micron’s shares rose 4.5% ahead of its March 18 earnings release after analysts at Wedbush and Mizuho issued bullish notes. Wedbush increased its price target to $500 while keeping an Outperform rating. Mizuho reiterated an Outperform rating with a $480 target and projected results for the May and August quarters that are materially above consensus estimates.
Key points
- Micron stock climbed 4.5% on Friday ahead of earnings scheduled for Wednesday, March 18.
- Wedbush raised its price target to $500 from $320 and maintained an Outperform rating; the analyst cited rising numbers and valuation relative to peak earnings multiples.
- Mizuho reiterated an Outperform rating with a $480 target and projects May and August quarter revenue and EPS that exceed consensus by about 8% and 7%, respectively; the firm highlighted memory and pricing tailwinds and increased hyperscaler Capex estimates.
Risks and uncertainties
- The immediate uncertainty surrounding Micron’s upcoming earnings release on March 18 - actual reported results could differ from the analyst projections cited here.
- Dependence on memory market dynamics and pricing trends referenced by analysts - changes in those dynamics could affect the company and the broader semiconductor and memory sectors.
- Reliance on continued ramping of hyperscaler capital expenditures as noted in Mizuho’s comment - shifts in hyperscaler spending would influence demand for Micron’s products and affect sector performance.