Micron (MU) Gets $1,300 Price Target as Citi Sees More Memory Upside

TLDR

• Micron stock was down about 0.3% Wednesday near $1,093.
• Citi raised its price target to $1,300 from $1,150.
• The bank expects stronger DRAM and NAND pricing to support earnings.
• Micron reports fiscal fourth-quarter results on September 30.
• Citi sees SEMICON West in October as another potential catalyst for memory pricing expectations.

Micron (MU) stock was down about 0.3% Wednesday near $1,093 after closing Tuesday at $1,096.16. The slight pullback follows a four-session rally that included a 5% gain Tuesday.

Micron Technology, Inc., MU

Citi raised its Micron price target to $1,300 from $1,150 while maintaining a positive view on the memory-chip maker. The new target implies roughly 19% upside from Tuesday’s closing price.

The bank expects Micron to benefit from stronger-than-expected memory pricing and continued AI-driven demand. Citi also believes supply constraints could keep both DRAM and NAND markets tight into 2027.

Citi Raises Estimates Ahead of Earnings

Citi increased its estimates for Micron’s August and November quarters after raising assumptions for blended DRAM pricing. The bank now forecasts fiscal fourth-quarter revenue of about $51 billion and earnings of $31.45 per stock, both above current consensus estimates.

Micron itself is scheduled to report fiscal fourth-quarter earnings on September 30. That report is therefore the company’s most immediate major catalyst, coming roughly two weeks before SEMICON West.

Citi expects both results and guidance to come in above current expectations. That remains an analyst forecast rather than company guidance, so investors will be watching whether Micron’s actual pricing and margin trends support the bank’s assumptions.

Memory pricing is central to the call. Citi assumes blended DRAM average selling prices rise 20% quarter over quarter in the current period and another 13% in the following quarter, while NAND pricing rises 34% and then 15%.

Those estimates reflect a market where AI infrastructure continues consuming large amounts of high-performance memory. Citi also expects enterprise SSD demand tied to AI inference to help offset weaker consumer NAND demand.

SEMICON West Could Highlight Supply Constraints

Citi sees SEMICON West as another potential catalyst for Micron. The event runs October 13 through October 15 in San Francisco and brings together semiconductor equipment, materials and manufacturing companies.

The bank expects equipment suppliers at the conference to discuss shortages in areas including DRAM, multilayer ceramic capacitors, printed circuit boards and optical components. Those constraints could limit how quickly memory manufacturers add new production capacity.

Citi estimates DRAM and NAND supply growth could remain in the low-20% range. If demand continues to exceed that growth, memory prices could remain elevated into next year, with Citi expecting prices to peak around the second quarter of 2027.

Micron has already experienced a dramatic rally in 2026, leaving the stock sensitive to any disappointment. MU is trading near $1,100 after touching a 52-week high of $1,255, and Tuesday’s 5% jump pushed the market value above $1.2 trillion.

The main investor risks are a faster-than-expected drop in memory pricing, weaker AI spending, new supply coming online and expectations that have risen sharply with the stock. Citi’s $1,300 target also leaves less upside than earlier in the rally if earnings fail to exceed forecasts.

For now, MU is taking a small pause after four straight gains. The next confirmed event is Micron’s September 30 earnings report, followed by SEMICON West on October 13 to 15, where Citi expects industry commentary to reinforce the tight memory-supply outlook.