This chip stock that’s been hotter than Nvidia is set to report earnings. Here’s what analysts expect
Micron Technology is scheduled to post its fiscal third-quarter earnings Wednesday after the bell, and some analysts are taking a rather optimistic view. The semiconductor manufacturing company is expected to earn $1.60 per share on $8.872 billion in revenue, according to analysts surveyed by LSEG. That would mark a more than 158% gain in earnings per share compared to the prior-year period. The revenue estimate points to a more than 30% jump year over year. The U.S.-based company’s latest results come as shares have soared more than 35% over the past month and more than 50% in 2025, meaningfully outpacing Nvidia’s gains during both periods. Analysts are betting those gains will continue. Most analysts are also bullish on the stock, with 34 of 41 rating the stock a buy or strong buy, LSEG data shows. MU NVDA 1M mountain MU vs. NVDA, 1-month Analysts pointed to Micron’s strong performance in the high bandwidth memory, or HBM, market, where the company has been able to capitalize on rising artificial intelligence demand. They expect HBM growth to continue. Here’s what analysts had to say about Micron heading into its quarterly results. Wedbush Securities: Outperform rating and $150 price target The firm’s target calls for more than 17% upside from Tuesday’s close. “In the current quarter, MU guided for better shipments, albeit with pricing and margins expected to dip given 1) ASP expectations and 2) a shift in mix towards more consumer oriented parts (with retail/channel demand having driven the better bit expectations). However, the shifting dynamics in CQ2, in our view, suggests that mix and ASPs likely trended better than MU’s FQ3 guidance had anticipated (both in DRAM and NAND). As such, we are lifting our Q2 modeled expectations towards the high end of MU’s guided range. … Moreover, we view growing HBM requirements as not just positive for MU’s numbers, but also ultimately positive for industry dynamics as capex and clean room space are reallocated to support HBM growth, limiting the likelihood of oversupply of standard NAND/DRAM and also increasing the probability production of more standard parts trails demand creating a more positive pricing/margin cycle vs. what is embedded in our expectations.” Stifel: Buy rating and $130 price target The firm’s target signals 2% upside. “We expect upside to ours/cons. F3Q estimates, with bit shipments for the May-ending quarter likely helped by some pull-forward of PC/phone production (and memory chips) while these devices remain exempt from higher reciprocal tariffs. Although the market has concerns about what’s been pulled forward, recent checks suggest OEM inventory remains reasonable, broader DRAM demand (incl. high-capacity DRAM and LPDDR5X) is strong, and that pricing is expected to increase into the September month. … We continue to view MU as a share-gainer in HBM, and expect 12-Hi HBM3E to be a more significant driver over the ensuing quarters enroute to the company meeting/exceeding its targeted 20%+ share exiting the CY.” Wolfe Research: Outperform rating and $150 price target “We update our industry estimates to reflect improved pricing dynamics in Q2 for both DRAM and NAND. We do however think some of the Q2 improvement has been driven by demand pulled forward from 2H, as customers attempted to buy ahead of possible price increases (similar to last yr), and tariffs (with the most concerns from the PC segment). … The main factor underpinning our bullish view on MU has been HBM, for which trends remain strong. Our estimates assume MU achieves their 20% share in HBM by year-end, and we expect that they can maintain that share regardless of whether Samsung begins to participate in leading edge HBM. … Net, we’re encouraged by NT pricing trends and HBM secular growth, balanced by the risk of a tepid cyclical recovery, similar to last year. But memory remains cyclical and bit supply growth has been limited – so if the recovery again stalls in 2H we think investors will simply turn the focus to CY26/27, which likely limits downside for stock.” Morgan Stanley: Equal weight rating and $98 price target The firm’s target implies more than 23% downside. “Micron may end up guiding more conservatively than we expect, but we expect them to eventually report numbers at least in the range of our estimates. As conditions in DRAM continue to improve and Micron’s AI story is accelerating. In NAND, which we continue to model conservatively, is also showing signs of upside driven by eSSD pull through from AI. … All forms of MU’s AI business are accelerating, we model HBM growth of 54% in August to $2bn and continued growth from there.”
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