Micron Technology stock has surged approximately 182% since January 2026, reaching $891.88 per share and surpassing a $1 trillion market capitalization. Wall Street forecasts a continued rally driven by a sold-out High-Bandwidth Memory supply and accelerating AI data center demand, with price targets ranging from $1,500 to $1,750 for 2026. However, analysts also warn of a potential cyclical correction risk in 2028, with projections spanning a wide range from $517 to $880 depending on future memory supply dynamics.
Micron Technology stock trades at $891.88, a gain of roughly 182% since early 2026, as the company crossed the $1 trillion market cap threshold. The core bullish thesis is built around a locked-in High-Bandwidth Memory shortage and an accelerating AI-driven data center buildout. CEO Sanjay Mehrotra confirmed on the Q1 FY2026 earnings call that “We have completed agreements on price and volume for our entire calendar 2026 HBM supply, including Micron’s industry-leading HBM4.”
The company sees supply constraints persisting beyond 2026, with customers seeking multi-year deals. Micron projects the HBM total addressable market to grow from about $35 billion in 2025 to roughly $100 billion by 2028. On the price target front, Cantor Fitzgerald raised its target to $1,500, UBS sits at $1,625, and Susquehanna holds the highest target on the Street at $1,750.
An algorithmic model from LongForecast projects the stock closing June 2026 around $975 and then climbing to $1,438 by December. For 2027, analyst earnings estimates suggest a forward P/E of just 8.1x at the current price, which is historically compressed for peak-cycle earnings. LongForecast’s monthly model shows the stock climbing from $1,545 in January to around $2,319 by April, peaking near $3,682 in November.
The outlook for 2028 carries significant uncertainty due to new fab capacity coming online. Micron’s Idaho campus targets production by mid-2027, and its $100 billion New York campus is on track for wafer output in late 2028. Morningstar analysts flagged the risk of a harsh revenue contraction of around 50% heading into 2029, consistent with historical memory cycles. This could drag the share price toward a $517 to $880 range by the end of 2028.
