BofA Securities has reiterated its ‘Buy’ rating on Micron Technology (NASDAQ: MU) and maintained a stock price target of $1,550.
The target, issued by BofA analyst Vivek Arya, implies potential upside of about 48% from MU’s last closing price of $1,011.
The reaffirmed rating follows Micron’s addition to BofA’s US 1 List and reflects growing confidence that the memory industry is entering a more durable phase with stronger long-term earnings potential.
According to BofA, Micron’s earnings outlook is supported by structural changes in the memory market rather than the traditional boom-and-bust cycle that has historically defined the sector.
The firm highlighted expectations for more disciplined industry supply growth and stronger customer commitments, factors that could support sustained profitability and higher earnings power over time.
BofA also cited assumptions similar to those presented at SK hynix’s recent analyst event, suggesting Micron could eventually generate more than $230 in earnings per share.
Under that framework, Micron could deliver fiscal 2030 earnings per share of between $200 and $250 while achieving annual EPS growth of more than 30% from fiscal 2026 through fiscal 2030.
Wall Street bullish take on MU stock
Those projections are well above current Wall Street expectations, which generally forecast peak earnings per share of roughly $160 to $170 over the next one to two years.
The latest Micron stock forecast aligns with broader Wall Street sentiment. According to TipRanks data, 30 analysts currently cover the stock, with 29 ‘Buy’ ratings and one ‘Hold’ rating, resulting in a ‘Strong Buy’ consensus.
The average 12-month Micron price target stands at $1,568.39, implying approximately 55% upside from recent trading levels. The highest analyst target is $2,200, while the lowest is $1,100.
With BofA maintaining one of the more bullish outlooks on the semiconductor company, investors remain focused on whether improving memory market conditions can translate into sustained earnings growth and justify higher valuations for Micron stock.
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