Micron (MU) Stock Up 550% This Year, Can Earnings Keep the Rally Alive?

TLDR

• Micron reports fiscal fourth quarter earnings after the close on Wednesday.
• The stock closed at $1,053.98 Monday, up 550% over the past year.
• Wall Street expects EPS of $31.16 and revenue of $50.45 billion.
• Analysts hold a strong buy rating with an average price target of $1,521, implying 44% upside.
• Supply deals and tight memory pricing are the main themes heading into the report.

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Micron (MU) stock climbed 2% Tuesday morning, building on a run that has pushed it up 550% over the past year. The company reports fiscal fourth quarter results after the closing bell Wednesday.

Micron Technology, Inc., MU

The stock closed at $1,053.98 on Monday after slipping 3% the previous session. That leaves Micron roughly 15% below its June peak, even after a 280% climb so far this year.

Micron sits above its 20-day, 50-day and 200-day moving averages, at $1,000, $945 and $665. That kind of setup usually points to strong upward momentum in a stock.

Wall Street expects earnings of $31.16 per share on revenue of $50.45 billion for the quarter ended in August. That would mark sequential growth of 24% in earnings and 22% in revenue.

Micron has topped estimates for several quarters running. In June, the company posted a 23% earnings surprise alongside revenue that beat forecasts by 16%.

History with post-earnings reactions is mixed for this stock. Over the last 11 quarters, Micron has risen the day after earnings five times and fallen six times.

Some of those swings have been extreme. The stock dropped 16% after its first quarter 2025 report, then jumped 16% following its June results, its best post-earnings move on record.

Analyst Price Targets Signal More Upside

Wedbush kept its Outperform rating and a $1,400 price target this week. The firm wrote that memory pricing trends look strong enough to run past Micron’s own guidance.

J.P. Morgan (JPM) rates the stock Overweight with a $1,540 price target. The bank pointed to a tight memory backdrop with room for more beat and raise quarters ahead.

Across Wall Street, 45 of 49 analysts rate Micron a buy. The average price target sits at $1,521, implying 44% upside from current levels.

EPS estimates have risen 1% over the last 60 days. Revenue estimates climbed 1% over the same stretch, a sign analysts keep raising the bar.

Supply Deals And Buybacks In Focus

Investors will watch how much of Micron’s production is locked into multi-year supply agreements. Coverage now sits at 35% or higher, up from a range of 20% to 33% earlier this year.

Those contracts often include collar based pricing, which can smooth earnings even if chip prices cool off. Management’s outlook on memory market tightness through 2027 will also draw attention on the call.

Buyback restrictions tied to the CHIPS Act expire in December. Analysts think Micron could unveil repurchase plans starting in early 2027, potentially between $20 billion and $50 billion a quarter.

Demand for high bandwidth memory from Microsoft, Google, Meta and Amazon has pushed manufacturers toward higher margin enterprise chips. HBM supply is already sold out for 2026.

Micron carries a market value of $1.19 trillion and trades at a forward price to earnings ratio of 14.55. The company reports results Wednesday after the closing bell.