Micron (MU) Stock Hits All-Time High — Here’s Why Analysts Think It Goes Higher

TLDR

• Micron stock jumped 11% on Monday, hitting a new 52-week intraday high of $1,097.47
• MU is now up roughly 245% in 2026, driven by surging demand for high-bandwidth memory (HBM) used in AI servers
• TD Cowen’s Krish Sankar raised his price target from $660 to $1,500, citing strong expected margins
• Micron has reportedly sold out its entire 2026 HBM supply, with pricing power continuing to rise
• Wall Street expects Q3 FY26 EPS of $20.21 — a 958% year-over-year jump — with earnings due June 24

Micron Technology (MU) stock hit $1,097.47 on Monday, a fresh 52-week intraday high, after surging 11% in a single session. That move takes MU’s year-to-date gain to roughly 245%.

Micron Technology, Inc., MU

The catalyst is straightforward: AI infrastructure spending is still climbing, and Micron sits at the center of it.

HBM — high-bandwidth memory used in AI servers and GPUs — has become one of the most critical components in the AI hardware stack. Micron is one of only three companies globally that can manufacture it at scale.

With Nvidia, AMD, and other AI chipmakers ramping production, memory demand per GPU is rising. Micron is benefiting from both higher volumes and stronger pricing.

Notably, the company has reportedly sold out its entire 2026 HBM supply. That kind of visibility doesn’t happen often, and it’s a big part of why Wall Street has turned increasingly bullish.

TD Cowen analyst Krish Sankar more than doubled his price target, moving from $660 to $1,500. He also flagged expectations of attractive profit margins heading into the June 24 earnings report.

RBC Capital’s Srini Pajjuri lifted his target from $525 to $1,200 with a buy rating. Cantor Fitzgerald’s CJ Muse went even higher, raising from $700 to $1,500.

What Analysts Want to Hear on June 24

The upcoming earnings call is expected to focus on HBM capacity and customer commitments for the rest of 2026, updates on AI-related demand from major cloud providers, and continued margin improvement.

Wall Street’s current consensus has MU reporting Q3 FY26 EPS of $20.21 — representing a 958% year-over-year increase. Revenue expectations sit at roughly $35 billion, up about 276% from the same period last year.

Those are big numbers. But given what’s happened with HBM pricing and supply dynamics, the bar may be achievable.

DRAM and NAND prices are also climbing as supply stays tight across the memory market. That adds another layer of pricing support for Micron beyond just HBM.

Is MU Overbought?

The RSI question is worth taking seriously. Micron’s RSI reached 76 in mid-May before pulling back. It’s currently hovering just below 70 — the threshold typically associated with overbought conditions.

Earlier this year, MU’s RSI touched 90, a level last seen in 1995. The fact that RSI has been declining over the past month while the stock continues to rise could actually read as a bullish divergence for some technical traders.

MU’s consensus rating is Strong Buy — 28 Buys and 3 Holds over the last three months. The average price target of $1,017.86 implies a modest downside from current levels, though several individual targets now sit well above that average.

Competition from Samsung and SK Hynix remains a real factor. Both are also pushing deeper into HBM production, and any supply catch-up could pressure pricing down the road.

Still, the most recent data point is hard to argue with: Micron’s 2026 HBM supply is sold out, and its next earnings report is June 24.

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