Micron Price Target Upgraded En Masse As Street Rally’s Behind Earnings

Micron's stock price (NASDAQ: MU) is up 2.33% in the pre-market, ably supported by its impressive Q3 earnings, a promising Q4 outlook, and a strategic position at the heart of the artificial intelligence revolution.

Revenue reached $9.3 billion on the quarter, with an adjusted EPS of $1.91, both figures outpacing the street's estimates. Q4 revenue guidance of $10.7 billion, with a projected EPS of $2.50 have supported the bulls further, with analysts raising targets as a result.

Raymond James analyst Srini Pajjuri's decision to raise the firm's price target on Micron to $150, maintaining an “Outperform” rating, underscores the prevailing bullish sentiment. Pajjuri cited Micron's better-than-expected gross margins and the anticipated expansion in Q4 and Q1 as key drivers for the upgrade.

The analyst also highlighted the robust HBM revenue growth and the company's “solid” HBM4 roadmap, which he believes could unlock further share gains in 2026. A price target of $150 would reflect more than 15% upside from current price action, yet this is far from the most bullish upgrade on the day.

Cantor Fitzgerald analyst CJ Muse raised to $155 (from $145), Needham matched Raymond James' mark at $150 (from $120), with the most bullish upgrade to $200 on the day coming from Rosenblatt (previously $172).

Others to upgrade on the day included:

• Susquehanna – $160 from $150
• Morgan Stanley – $135 from $98
• Keybanc – $160 from $135
• Stifel – $145 from $130
• Barclays – $140 from $95
• UBS – $155 from $120
• JP Morgan – $165 from $135
• Citi – $150 from $130
• BofA – $140 from $84
• Wells Fargo – $170 from $150
• Piper Sandler – $165 from $120

Micron's strategic focus on HBM is proving to be a game-changer.

High-bandwidth memory is essential for AI applications, providing the speed and efficiency required to process massive datasets. The company has secured design wins with major players, including NVIDIA's GB200 and GB300 platforms, positioning itself as a key supplier for the next generation of AI hardware.

Micron's recent trajectory, coupled with analyst optimism, paints a picture of a company strategically positioned to capitalize on the burgeoning AI market. While challenges undoubtedly exist, the potential rewards appear significant, making Micron a compelling investment for those seeking exposure to the transformative power of artificial intelligence.