TLDR
- Wolfe Research raised its price target on Micron (MU) by 43%, from $350 to $500, ahead of Q2 FY26 earnings on March 18.
- Analyst Chris Caso maintained an Outperform rating, citing faster-than-expected memory price increases.
- DRAM prices are forecast to rise ~100% year-over-year in 2026; NAND prices expected up ~95%.
- Wolfe now models $94B in revenue and $44 EPS for 2026, rising to $125B revenue and $61 EPS in 2027.
- Combined HBM and DDR demand for Nvidia and Google platforms is projected to grow 124% in 2026 and 143% in 2027.
Wolfe Research analyst Chris Caso raised his price target on Micron Technology to $500 from $350 on Tuesday — a 43% jump — while keeping his Outperform rating intact.
The move comes ahead of Micron’s Q2 FY26 earnings report, scheduled for March 18.
Caso, ranked 110th out of more than 12,000 analysts tracked by TipRanks, has a 63% success rate and an average return of 26.6% per rating over a one-year period.
The core of his thesis is straightforward: memory prices are moving up faster than Wall Street expected.
Wolfe’s updated model assumes DRAM prices will rise roughly 100% year-over-year in calendar 2026, with NAND following close behind at around 95%. Those are big numbers — and the firm says the driver is AI.
AI Demand Is the Key Force
Caso’s analysis focused on demand from Nvidia and Google platforms. He looked at both HBM and DDR memory content across their roadmaps through 2027.
The numbers are striking. Combined DDR and HBM consumption across those platforms is expected to increase about 124% in 2026, then another 143% in 2027.
DDR5 is increasingly a key AI DRAM driver, the firm noted — not just HBM. That detail matters, because it expands the total addressable market for Micron’s products.
AI workloads are also pushing more memory per processor. As model sizes grow, platforms need more memory to run them — and Micron supplies a lot of it.
Wolfe’s Estimates for Micron
Wolfe now models $94 billion in revenue and $44 earnings per share for Micron in calendar year 2026. For 2027, those numbers climb to $125 billion in revenue and $61 EPS.
At current prices near $403, the stock trades at roughly 6.6 times Wolfe’s 2027 EPS estimate — a multiple the firm views as attractive given the growth trajectory.
The firm also laid out a bull case. If commodity DRAM prices surge 150% year-over-year in 2026, revenue could hit $160 billion in 2027, with EPS reaching $80. Notably, that 150% assumption is actually below what Trendforce is currently forecasting — which stands at 166%.
Wolfe isn’t alone in its optimism. Aletheia Capital recently raised its Micron target to $650. UBS bumped its target to $475, pointing to memory supply constraints extending into 2028. Stifel set a $550 target, citing unexpectedly strong memory pricing and server DDR5 demand.
Across 27 Wall Street analysts, Micron carries a consensus Strong Buy rating — 26 Buys and one Hold. The average price target sits at $438.44, implying about 8.76% upside from current levels.
On the product side, Micron recently shipped customer samples of its 256GB SOCAMM2 modules — the highest-capacity LPDRAM server modules the company says it has ever produced. The modules support up to 2TB of LPDRAM per 8-channel server CPU.
Considering a new stock? You may want to see what’s on our watchlist first.
Our team at Knockout Stocks follows top-performing analysts and market-moving trends to spot potential winners early. We’ve identified five stocks gaining quiet attention that could be worth watching now. Create your free account to unlock the full report and get ongoing stock insights.Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
