Is Wall Street Bullish or Bearish on Micron Technology Stock?

Boise, Idaho-based Micron Technology, Inc. (MU) designs, develops, manufactures, and sells memory and storage products. Valued at $1 trillion by market cap, the company manufactures and markets dynamic random access memory chips, static random access memory chips (SRAMs), flash memory, semiconductor components, and memory modules.

Shares of this chip giant have massively outperformed the broader market over the past year. MU has gained 637.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 16.3%. In 2026, MU’s stock rose 187.5%, surpassing the SPX’s 8.5% rise on a YTD basis. 

Zooming in further, MU’s outperformance is also apparent compared to the iShares Semiconductor ETF (SOXX). The exchange-traded fund has gained about 100% over the past year. Moreover, MU’s triple-digit gains on a YTD basis outshine the ETF’s 63.2% returns over the same time frame.

MU’s outperformance reflects a tightening memory market driven by AI. As a top supplier of DRAM, GDDR, and HBM, Micron is benefiting from sustained pricing power amid strong demand from AI infrastructure, data centers, HPC, and gaming. The AI boom remains the key driver, and Micron is leaning in through its raised planned U.S. investment to $250 billion through 2035, including a $50 billion CapEx increase, to scale HBM production. To secure supply, Micron committed $3 billion to its domestic supply chain, including $500 million for GlobalWafers to expand 300mm wafer capacity in Texas under a 10-year agreement. That move de-risks raw material bottlenecks as AI data centers strain capacity. The main trade-off is that memory manufacturing is becoming increasingly capital-intensive, and the $250 billion buildout underscores the scale of that risk.

For the current fiscal year, ending in August, analysts expect MU’s EPS to grow 849.6% to $72.93 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 40 analysts covering MU stock, the consensus is a “Strong Buy.” That’s based on 31 “Strong Buy” ratings, five “Moderate Buys,” and four “Holds.” 

This configuration is more bullish than two months ago, with 30 analysts advising a “Strong Buy.”

On Jul. 28, Bernstein analyst Mark Li maintained a “Buy” rating on MU and set a price target of $1,300, implying a potential upside of 58.4% from current levels.

The mean price target of $1,495 represents an 82.2% premium to MU’s current price levels. The Street-high price target of $2,000 suggests an ambitious upside potential of 143.7%.