Citi analyst Atif Malik raised the firm’s Micron (NASDAQ: MU) stock price target from $1,150 to $1,300 on September 23, while maintaining a “Buy” rating on the stock. The revised target not only implies further upside for Micron but also strengthens Wall Street’s positive outlook as the company’s shares remain firmly above the $1,000 mark.
In addition, Citi raised its August and November quarter estimates, citing stronger-than-expected DRAM pricing, and now expects Micron to deliver upside to its fiscal fourth-quarter estimates as both DRAM and NAND markets remain undersupplied.
Malik also expects memory equipment makers to highlight ongoing DRAM shortages at SEMICON West, the upcoming international conference for the semiconductor and electronics manufacturing industry. According to the analyst, the developments at the conference could potentially support further momentum in Micron shares.
At press time, Micron shares were up 4.5% on the day, trading at $1,094, the highest closing level since July 1.
Wall Street Micron stock estimates
The next major catalyst will come on September 30, when Micron is scheduled to report its fiscal fourth-quarter 2026 results. Ahead of the earnings, UBS also reiterated booth ist “Buy” rating and its $1,625 MU share price target.
UBS said DRAM fulfillment is still around 60%, while server DDR bit demand is growing by approximately 80% year over year. Moreover, the firm expects server and storage SSD bit demand growth to potentially exceed 100% annually in calendar 2027.
In addition, the firm also expects Micron to significantly accelerate share repurchases. Specifically, analysts project quarterly buybacks could begin at around $20 billion in fiscal second-quarter 2027 before increasing to between $40 billion and $50 billion per quarter.
On earnings, UBS forecasts fiscal fourth-quarter 2026 revenue of approximately $52 billion, with gross margin reaching around 87.6%. For fiscal first-quarter 2027, the firm expects revenue guidance of $58 billion to $59 billion and another roughly 100-basis-point improvement in gross margin.
With the latest updates, the average Micron stock price target for the next 12 months sits at $1,565, which implies the stock could rally roughly 43% in the next year.
With 30 “Buy” and just one “Hold” rating, the chipmaker is likewise one of the best rated companies in the industry, earning itself a “Strong Buy” label, according to TipRanks data collected over the past three months.
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