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Micron Stock: $1,200 Target or $750 Sell-Off?
24 Jun
Summary
- Micron stock surged 833% in one year, but a $750 target suggests a reversal.
- Bulls aim for $1,219 by January 2027 with projected EPS of $19.15.
- Insider selling and memory cycle risks anchor a bear case at $567.
Micron Technology (NASDAQ:MU) has seen a dramatic 833.14% increase in its stock price over the last year, with a 62.29% rise in the past month alone, reaching $1,133.99 on June 18, 2026. Fiscal Q2 2026 reported revenue of $23.86 billion, a 196.3% year-over-year increase, and non-GAAP EPS of $12.20, surpassing consensus estimates.
Management provided guidance for Q3 2026, projecting $33.5 billion in revenue and $19.15 EPS with an 81% gross margin. This strong performance fuels a bull case, with a potential target of $1,218.95 by January 21, 2027, if Q3 EPS annualizes to approximately $76, resulting in a forward P/E of 11x. Applying a conservative 16x multiple could drive the stock to this target.
However, a significant portion of the market remains cautious. A base-case target suggests a potential downside to $749.68 over the next 12 months. This outlook is influenced by insider net selling across 102 recent transactions and the inherent cyclicality of the memory market, supporting a bear case at $567. Polymarket traders currently place a 52.5% probability on MU touching $1,200 during the week of June 22, 2026.
