Micron Technology easily cleared earnings expectations, signaling the chipmaker’s momentum is unlikely to stop anytime soon. In the fiscal third quarter, the semiconductor manufacturer earned an adjusted $1.91 per share on $9.3 billion in revenue. That exceeded the $1.60 per share and revenue of $8.87 billion that analysts polled by LSEG had penciled in. The company also guided for revenue in its current period of about $10.7 billion, roughly 38% higher from $7.75 billion a year earlier. Analysts had estimated revenue of $9.9 billion. Shares were up 2% in the premarket following the results. The chipmaker has been on a tear lately, rallying 36% over the past month. That gain outpaces Nvidia’s 17% advance during that time. Many analysts are betting the momentum will continue, at least for now. Several of those covering the stock increased their price targets. Some still rate the stock as neutral or equivalent. Here’s what analysts at some of the biggest shops on Wall Street had to say on the report. Morgan Stanley keeps equal weight rating, raises price target to $135 per share from $98 Analyst Joseph Moore’s new target implies about 6% upside from Wednesday’s close. “The big inflections are behind us, but still expecting continued improvements in 2025 on the back of AI demand strength. … We don’t think pull forward concerns or May quarter pricing declines should dent enthusiasm for the story here — MU remains an agnostic AI winner & conventional DRAM is still getting better. But we continue to see more compelling options in semis for those drivers.” Barclays reiterates overweight rating, hikes price target to $140 from $95 Barclays’ forecast corresponds to upside of around 10%. “HBM and eSSD are driving secular growth across DRAM and NAND, respectively, but core end markets in PC and Smartphone are taking longer to recover and are most subject to the broadening of tariffs.” Bank of America keeps neutral rating but lifts target price to $140 from $84 “Overall, we raise CY25-27E sales by 4-6% and EPS by 13-23%. However, we reiterate Neutral as NAND pricing remains uncertain and startup cost headwinds to GMs remain into CY26, overall limiting visibility beyond the n-t.” Citi maintains buy rating and lifts target price to $150 from $130 Analyst Christopher Danely’s forecast is 18% above Micron’s Wednesday closing price. “Yesterday after the close, Micron reported upside to results and guidance driven by better-than-expected pricing and shipments as we previewed. We would note more upside was from NAND vs DRAM which could explain why the stock traded down after the call. We raise estimates and price target from $130 to $150 and reiterate our Buy rating on Micron.” UBS keeps buy rating and raises price target to $155 per share from $120 Analyst Timothy Arcuri’s price target was approximately 22% higher than Micron’s closing price on Wednesday. “MU delivered against the only real investor expectations we heard into the call — HBM revenue and gross margin, both of which were in-line to a little better than bogeys. Pullins may be helping boost non-AI demand somewhat (particularly on the NAND side), but we think investors are too concerned about this because HBM is finally becoming a big enough part of the DRAM business (~6-7% of DRAM bits but ~19-20% of allocated capacity based on our estimates) that it is ‘crowding out’ the traditional memory market and creating supply constraints for MU.” JPMorgan reiterates overweight rating, raises price target to $165 from $135 JPMorgan’s new target equates to 30% upside. “Overall, we believe the fundamental setup remains favorable in the near term, and we anticipate overall Q/Q ASP improvements and bit shipments in the 2H of the year, albeit potentially a bit more muted by potential tariff headwinds and sluggish NAND supply/demand trends. We are increasing our forward estimates, initiating our FY26 estimates, and raising our price target to $165.” Wells Fargo maintains overweight rating and lifts price target to $170 from $150 Wells Fargo’s target calls for 34% upside. “HBM momentum (up ~50% q/q; > $1.5B) and overall con’t data center strength, coupled w/ tightening inventory levels (DRAM bit constrained into 1HFY26), should leave investors focused on con’t upside (path to 50%+ GM% in FY26?).”
