Overview
- Micron shares dipped about 1.8% to roughly $287, easing after a year-to-date gain of about 230% and a recent 52-week high near $299.
- Fiscal Q1 revenue came in at $13.64 billion with adjusted EPS of $4.78, and management guided to roughly $18.7 billion in Q2 revenue with expectations for record fiscal 2026 performance.
- Analysts remain broadly positive: Rosenblatt set a Street-high $500 target, JPMorgan and Cantor moved to $350, KeyBanc to $325, Needham to $300, and Deutsche Bank to $300, while Goldman Sachs kept a Neutral view but sees further upside.
- Coverage highlights robust DRAM and NAND pricing and accelerating HBM demand, with Micron outlining an HBM market expansion from about $35 billion in 2025 to $100 billion by 2028.
- Lynx estimates roughly 30% of DRAM demand is currently unmet and expects balance to improve by mid-2026, cautioning on potential near-term volatility even as it views pullbacks as buying opportunities.