Top Wells Fargo Analyst Raises Micron Stock (MU) Price Target Ahead of Q2 Earnings

All eyes are on the fiscal second-quarter results of memory and storage solutions provider Micron Technology (MU) on March 18. MU stock has risen 324% over the past year, driven by strong demand for memory chips in the data centers amid the ongoing artificial intelligence (AI) wave and surge in memory prices due to limited supply. Ahead of Q2 FY26 earnings, top Wells Fargo analyst Aaron Rakers reiterated a Buy rating on Micron stock and increased the price target to $470 (about 16% upside potential) from $410.

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Wall Street expects Micron to report Q2 FY26 earnings per share (EPS) of $8.74, indicating a significant 460% year-over-year growth. Revenue is expected to rise 136% to $19.03 billion. The solid growth estimates reflect the strong demand for high-bandwidth memory (HBM) and DRAM solutions in data centers.

Top Wells Fargo Analyst Weighs in on Micron’s Upcoming Q2 Earnings

Rakers sees the setup for Q2 FY26 as similar to the previous quarter, with investors paying attention to strength in HBM4, the ongoing surge in pricing, and visibility from long-term agreements.

The 5-star analyst now expects peak EPS at $50 to $60 per share, with through-cycle earnings power of $30 to $40 per share. Rakers expects Micron to address concerns about competition related to HBM4, with a focus on Nvidia’s NVDA -1.55% ▼ Rubin cycle.

He also expects the company to reaffirm Q1 2026 (calendar year) volume and yield ramp, 11 Gbps pin speed, and competitive positioning driven by its in-house CMOS base die. Rakers also expects HBM4 mix crossover in the second half to be a key focus, with about a 20% to 30% increase in average selling prices (ASPs). He highlighted that Micron pulled forward its HBM4 volume shipments by one quarter (from prior Q2 2026), with all of 2026 already allocated or sold. The company is targeting about 15k wspm capacity by the end of this year (30% of HBM output).

Is MU Stock a Buy, Sell, or Hold?

Heading into Q2 FY26 earnings, Wall Street has a Strong Buy consensus rating on Micron Technology stock based on 26 Buys and one Hold recommendation. The average MU stock price target of $440.67 indicates about 9% upside potential from current levels.

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