Micron (MU) Stock: What Wall Street Expects from Earnings Sept. 30

TLDR

• Micron reports fiscal Q4 2026 earnings on September 30, with the stock swinging wildly in the sessions leading up to it.
• Wall Street expects EPS of $31.49, up from $3.03 a year ago, and revenue near $50.91 billion, roughly 350% higher year over year.
• Wells Fargo cut its price target to $1,400 from $1,525 but raised its fiscal 2027 and 2028 earnings estimates.
• MU carries a Strong Buy consensus with an average price target near $1,557, implying about 44% upside.
• HBM4 memory, used in Nvidia’s top AI chips, is reportedly sold out through 2027 and into 2028.

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Micron Technology trades around $1,075 a share heading into its fiscal fourth-quarter earnings report on September 30. The stock is up roughly 282% year to date and over 555% in the past year, according to Yahoo Finance.

Micron Technology, Inc., MU

That run has made MU the fourth-best performer in the S&P 500 this year, trailing only SanDisk, Moderna and Dell. It also means the stock has plenty of room to fall if results disappoint.

Trading has been choppy this week. MU rose 2.8% Monday and 5% Tuesday, then fell 2.2% Wednesday before adding 0.81% Thursday. Rising Treasury yields, high oil prices and doubts about the staying power of the AI trade have all weighed on sentiment.

Wall Street analysts expect Micron to post EPS of $31.49 for the quarter, up sharply from $3.03 a year ago. Revenue is projected to hit $50.91 billion, a jump of about 350%.

Micron itself guided for Q4 revenue of $50 billion, plus or minus $1 billion, with a non-GAAP gross margin near 86%.

Analysts Split on Direction, Not Demand

Wells Fargo analyst Aaron Rakers cut his Micron price target to $1,400 from $1,525 but raised his fiscal 2027 EPS estimate by about 5% and his 2028 estimate by more than 10%.

Wells Fargo now projects fiscal 2027 revenue of $261.3 billion with EPS of $166, and fiscal 2028 revenue of $287.8 billion with EPS of $178. Both figures sit around 5% above Street consensus.

Rakers also estimates Micron’s free cash flow will top $125 billion annually, with full shareholder returns starting in December 2026.

Other firms remain firmly bullish. Rosenblatt’s Kevin Cassidy kept a Buy rating and $1,500 target, expecting another “beat-n-raise” quarter. Wolfe Research’s Chris Caso also reiterated Buy at $1,500, citing rising HBM pricing and capacity expansion.

JPMorgan lifted its target to $1,540 from $550. BofA held Buy at $1,550. Stifel kept a $1,500 target, and TD Cowen sits at $1,600, calling Micron “mid-cycle in demand growth.”

Susquehanna has the highest target on the Street at $2,000, pointing to structural AI-driven memory tightness. Citi raised its target to $1,300 from $1,150, projecting memory undersupply through 2031.

What’s Driving the Demand

Micron’s Q3 fiscal 2026 results showed DRAM revenue of $31.3 billion, up 343% year over year, and NAND revenue of $9.9 billion, up 361%. Data center revenue topped $25 billion for the quarter.

HBM4 shipments crossed $1 billion in revenue last quarter. This memory sits inside Nvidia’s most powerful AI chips and is reportedly sold out through 2027 and into 2028.

Overall, Wall Street holds a Strong Buy consensus on MU, based on 28 Buy ratings and one Hold. The average price target of $1,557.12 implies about 44% upside from current levels.

Micron’s stock hit an all-time closing high near $1,213 in June 2026 before touching an intraday peak of $1,255 on June 25 and pulling back. Investors now turn their attention to September 30, when the company reports results after the bell.