Micron Stock Soars Past $1,000 on Citi Upgrade

Citi analyst Atif Malik has elevated his price target for Micron stock (NASDAQ: MU) to $1,300 from $1,150, reaffirming a 'Buy' rating. This adjustment underscores a robust Wall Street confidence as the company's shares now trade comfortably above $1,000.

Citi has also revised its quarterly estimates upward, citing better-than-anticipated DRAM pricing. The firm projects Micron will surpass its fiscal fourth-quarter 2026 performance targets due to persistent undersupply in both DRAM and NAND markets.

Further bolstering Micron's prospects, upcoming discussions at SEMICON West are expected to highlight ongoing DRAM shortages, potentially driving further stock momentum. Micron is scheduled to announce its fiscal fourth-quarter 2026 results on September 30, 2026.

UBS has also reiterated its 'Buy' rating and a $1,625 price target for MU. The firm notes that DRAM fulfillment remains constrained at approximately 60%, while server DDR bit demand is experiencing an 80% year-over-year increase.

Looking ahead to calendar 2027, UBS forecasts that server and storage SSD bit demand growth could surpass 100% annually. The firm also anticipates a significant acceleration in Micron's share repurchase program, potentially starting at $20 billion per quarter in fiscal second-quarter 2027 and escalating to $40 billion to $50 billion quarterly thereafter.

For fiscal fourth-quarter 2026, UBS projects Micron revenue of around $52 billion with a gross margin near 87.6%. The first quarter of fiscal 2027 is expected to see revenue guidance between $58 billion and $59 billion, with a further 100-basis-point gross margin improvement.

Currently, the average 12-month price target for Micron stock stands at $1,565, suggesting a potential rally of approximately 43% within the next year. With 30 'Buy' ratings and only one 'Hold' in the past three months, Micron holds a 'Strong Buy' consensus.