Is Micron (MU) Stock a Buy Before Its Massive Earnings Report on June 24?

TLDR

• Options traders are pricing in a 20% swing in MU stock after its fiscal Q3 earnings on June 24
• Wall Street expects EPS of $19.72 — a 932% year-over-year jump — and revenue of $34.38 billion, up ~270%
• MU stock dropped 20% from its all-time high after Broadcom’s weak AI sales forecast spooked the sector
• Micron’s entire 2026 HBM supply is already sold out, but concerns are growing about future demand
• Wall Street has a Strong Buy consensus on MU with an average price target of $919.00

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Micron Technology (MU) stock is trading at $947.24, up nearly 700% over the past year. But after a 20% drop from its all-time high last week, all eyes are now on June 24.

Micron Technology, Inc., MU

That’s when Micron reports fiscal Q3 2026 earnings, and the options market is bracing for a big reaction — traders are pricing in a move of around 20% in either direction. That’s one of the largest expected swings for the stock in years.

Wall Street’s bar is high. Analysts expect earnings per share of $19.72, which would be a 932% increase from the same quarter a year ago. Revenue estimates sit at $34.38 billion, up roughly 270% year-over-year.

Micron’s own guidance pointed to around $33.5 billion in revenue for the quarter, along with EPS of approximately $18.90 — a 1,025% jump.

The selloff last week was triggered by Broadcom, whose AI revenue forecast for the upcoming quarter and full fiscal year both came in below Wall Street’s expectations. That raised questions about whether peak AI hardware demand could be approaching.

What the Street Is Watching on June 24

Beyond the headline numbers, investors are focused on four key things: HBM supply visibility into 2027, pricing power on DRAM and NAND, the fiscal Q4 guidance, and any commentary on capital expenditure plans.

Micron is one of only a handful of companies that can manufacture high-bandwidth memory at scale. Its HBM chips are used inside Nvidia’s top AI systems, and Micron recently began producing HBM4 — a chip that offers 60% more capacity and 20% better energy efficiency than the previous generation.

Nvidia plans to use Micron’s HBM4 in its Vera Rubin GPU systems, expected to ship in the second half of this year.

Micron’s entire 2026 HBM supply is already sold out. Near-term demand isn’t the worry. The question is what happens next.

Concerns Clouding the Outlook

A few red flags have emerged recently. Alphabet CEO Sundar Pichai flagged complaints from enterprise customers about rising AI usage costs. Around the same time, Uber’s COO said AI spending is getting harder to justify after the company burned through its entire 2026 AI budget in just four months.

Those are demand-side warning signs that Wall Street won’t ignore, regardless of how strong Micron’s Q3 numbers are.

On the supply side, memory producers are ramping up capacity. As more supply comes online over the next year or two, pricing is likely to normalize — which would squeeze the very margins that have driven Micron’s earnings explosion.

On valuation, Micron trades at a trailing P/E of 40.8. But based on fiscal 2027 earnings estimates of $105.95 per share, the forward P/E drops to just 8.1 — a number that looks cheap if growth holds up.

Wall Street’s current consensus is a Strong Buy, based on 26 Buy ratings and 3 Holds over the last three months. The average price target is $919.00, implying a slight downside from the current price.

Micron reports fiscal Q3 results on June 24 before the market opens.