TLDR
- Shares of Micron gained 3.5% in Wednesday’s premarket session, recovering from Tuesday’s 6%-plus selloff
- The company reports fiscal third-quarter results on June 24, 2026; executives previewed ~$33.5B sales and $19+ EPS
- Consensus estimates call for $19.63 earnings per share versus $1.91 last year, with revenue projected at $34.43B
- Three Wall Street firms—Deutsche Bank, TD Cowen, and Cantor Fitzgerald—assigned $1,500 targets, suggesting ~47% potential gain
- The stock has skyrocketed approximately 750% in the past twelve months and currently trades at 48.2x forward earnings
Shares of Micron Technology (MU) jumped 3.5% during Wednesday’s premarket hours, staging a recovery following Tuesday’s sharp decline of over 6%. The chipmaker had reached an all-time high on Monday before retreating alongside broader technology sector weakness.
Trading at $1,054.72 before the opening bell, MU ranked as one of the strongest premarket performers in the S&P 500—trailing only Intel. The recovery coincided with Nasdaq futures advancing 0.54%.
The semiconductor manufacturer has delivered a staggering 750% gain over the trailing twelve months, a rally that exceeded most Wall Street projections. Currently valued at 48.2 times forward earnings, this premium valuation amplifies expectations for the upcoming financial report.
Micron is scheduled to announce fiscal Q3 results on June 24. Company leadership offered investors a glimpse of what’s ahead during a May investor conference, delivering an optimistic forecast.
Manish Bhatia, Executive Vice President, confirmed management’s outlook for approximately $33.5 billion in quarterly sales, an 81% gross profit margin, and earnings per share exceeding $19. He noted that both unit shipments and average selling prices are performing better than previously anticipated.
According to Bhatia, customer demand for high-bandwidth memory (HBM), DRAM, and NAND flash continues to exceed available supply. He anticipates these tight supply conditions will extend beyond calendar 2026.
The Street is modeling an impressive quarter. The consensus forecast stands at $19.63 per share, a massive jump from $1.91 in the year-ago period. Revenue estimates sit at $34.43 billion versus $9.30 billion reported last year.
Analyst Price Targets Keep Climbing
Since last Friday, three separate brokerage firms have established $1,500 price objectives. Deutsche Bank, TD Cowen, and Cantor Fitzgerald all landed on this identical target, representing approximately 47% upside from Tuesday’s closing price.
On June 15, both TD Cowen and RBC Capital lifted their price targets. Wolfe Research joined the bullish chorus on June 11, assigning an Outperform rating with a $1,250 objective. The overall analyst sentiment remains positive, with a Buy consensus and an average target of $990.42.
Interestingly, that consensus average now sits below the stock’s current trading level—a testament to how rapidly MU has appreciated.
From a technical perspective, the chart appears predominantly bullish. Shares are trading 13.6% above the 20-day moving average and a remarkable 169.7% above the 200-day moving average. A golden cross signal that emerged in June 2025 continues to hold.
Momentum Softens Ahead of Fed Decision
One potential warning sign: the MACD indicator recently crossed below its signal line, with the histogram turning negative. This suggests buying pressure has moderated despite the stock hovering near record levels.
Immediate resistance is located at $1,089.50, just beneath the 52-week peak of $1,110.40. Support can be found at $854.50.
Beyond the earnings release, market participants are also monitoring Federal Reserve Chairman Kevin Warsh’s inaugural press conference following Wednesday’s rate decision. Technology shares typically react to interest rate guidance, and Warsh’s first remarks as chair could inject volatility.
Nevertheless, MU has demonstrated impressive strength throughout 2026. Following a six-session losing streak in late March, the stock has experienced consecutive down days on only four occasions—including just a single three-day decline.
Micron represents a significant position in the iShares Semiconductor ETF (SOXX) at 7.63% weighting and the Invesco PHLX Semiconductor ETF (SOXQ) at 9.78%.
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