Wall Street analysts are overwhelmingly bullish on Micron Technology stock, with multiple firms raising price targets following recent earnings. Four major firms, including UBS, Melius Research, Deutsche Bank, and HSBC, maintain buy ratings, with targets ranging from $535 to a street-high of $1,100. The consensus is driven by a severe supply-demand imbalance in memory chips, particularly for AI infrastructure, as highlighted by the company’s CEO.
Major Wall Street firms have issued a clear consensus on Micron Technology (MU) stock, with overwhelmingly positive ratings. Out of 45 analyst ratings tracked, 30 are Buy and 9 are Outperform, against just four Holds and a single Sell.
On May 18, 2026, HSBC and Melius Research both raised their Micron stock price targets to $1,100. This occurred on the same morning MU dropped nearly 6%.
Other institutions also increased their targets while maintaining Buy ratings. Deutsche Bank raised its target to $1,000 from $550, and Citi moved to $840 from $425.
The core argument across firms centers on supply constraints, not demand. High Bandwidth Memory (HBM) capacity for the year is essentially fully allocated, with AI infrastructure spending outpacing shipments.
Micron CEO Sanjay Mehrotra stated during the Q1 FY2026 earnings call, “We are only able to meet about 50% to two-thirds of our demand from several key customers, and the gap between the demand and supply for all of DRAM, including HBM, is really the highest that we have ever seen.”
Melius Research analyst Ben Reitzes anchored his $1,100 target on unprecedented memory demand. He noted, “Nothing really emerged as incrementally good from Trump going to China, [but] we feel incrementally good about memory and AI semiconductor companies.”
HSBC analyst Ricky Seo projects the current memory upcycle could last four to five years, longer than typical. He also flagged that Nvidia’s upcoming Rubin Ultra chip needs roughly 3.5 times more DRAM than current models.
Seo projects the DRAM market growing 69% in 2026, with NAND up 62%. The bull case points to a forward price-to-earnings ratio of just under eight, which analysts consider cheap if estimates hold.
UBS forecasts earnings per share reaching $135 by 2027. The primary risk acknowledged is the cyclical nature of memory markets, where a slowdown in AI spending could rapidly alter projections.
