The news
Searches for the Micron stock price are climbing after D.A. Davidson analyst Gil Luria raised his target on Micron Technology (MU) to $3,000 from $2,100 on October 7, 2026, according to InvestingLive. The call rests on a bet that artificial intelligence keeps memory chips scarce for years.
InvestingLive reported that Micron shares were trading just above $1,000 when the note came out, implying upside of close to 200% if the target were reached. The outlet said the target assumes about 19 times fiscal 2027 earnings per share, against roughly six times at the time, citing Dow Jones Market Data. Luria expects demand for memory to exceed supply for several years, driven by AI workloads, the report said.
Other analysts have also moved higher. Melius Research analyst Ben Reitzes set a $2,200 target, arguing the stock's valuation multiple could rise toward the low-to-mid 20s multiples of compute and storage peers, according to an Insider Monkey article published on Yahoo Finance on October 9. Before Micron's September 30 results, the average analyst target was about $1,560, with Goldman Sachs at a Hold rating and a $1,100 target, InvestingLive reported.
The targets follow a record quarter. In its September 30 earnings release, Micron reported fiscal fourth-quarter revenue of $54.23 billion for the period ended September 3, up from $11.32 billion a year earlier. GAAP gross margin was 86.8% and non-GAAP diluted earnings were $33.42 per share. Full-year revenue reached $133.19 billion, and the company guided first-quarter fiscal 2027 revenue to about $61.5 billion, plus or minus $1.5 billion.
Chief executive Sanjay Mehrotra said in the release that Micron expects an even stronger fiscal 2027. InvestingLive reported that a large share buyback is expected in December, once CHIPS Act limits on repurchases lapse; that is an analyst expectation, not a company announcement.
The numbers
- D.A. Davidson target (Oct 7)
- $3,000, from $2,100
- Melius Research target
- $2,200
- Fiscal Q4 2026 revenue
- $54.23B (vs $11.32B a year earlier)
- Q1 FY2027 revenue guidance
- ~$61.5B ± $1.5B
- Fiscal Q4 GAAP gross margin
- 86.8%
Why CEOs should care
For technology buyers, the important signal is not the price target but the reasoning behind it. Analysts betting on Micron are betting that memory stays in short supply, and short supply means higher prices for DRAM, the working memory in servers, PCs and phones. CIOs planning server refreshes or AI clusters for 2027 should ask hardware vendors how memory costs are built into quotes, how long quoted prices hold, and whether multi-year supply agreements are available.
CFOs should model hardware budgets with memory prices staying high rather than falling back quickly. Micron's own guidance of about $61.5 billion for the next quarter, up from $54.23 billion, points to continued strong demand. Ask whether planned purchases can be pulled forward, split across suppliers, or redesigned to use less memory per system.
Boards and investors watching the stock should weigh the other side. Memory has long been a boom-and-bust business, and InvestingLive noted that memory stocks have historically traded at low multiples near peak earnings because investors expected a downturn. This article is not investment advice; the targets are analysts' opinions.
The bigger picture
The bull case says AI has broken the old memory cycle. A Seeking Alpha contributor who moved to a neutral stance on October 10 flagged risks to that view, including a near-term slowdown in DRAM price growth and the possibility that frontier AI labs change how they use high-bandwidth memory, the stacked chips that feed AI accelerators. Insider Monkey's article noted that SK hynix, a key rival, posted revenue roughly on par with Micron's in its latest quarter.
Jim Cramer told CNBC viewers on October 9 that he expects Micron chief executive Sanjay Mehrotra to announce a buyback, according to the Insider Monkey article, which said Cramer has argued Micron is now a secular growth company. Whether that view holds, or memory remains a boom-and-bust business, sits at the center of the debate over how much the shares are worth.
What’s next
Investors will watch for a Micron capital return announcement after the CHIPS Act repurchase limits lapse in December, and for memory pricing trends in the coming quarter. Buyers should track contract DRAM prices and vendor quotes ahead of 2027 refresh cycles.
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