The run that memory-chip maker Micron has just put together is far more than an ordinary rally. On June 15, MU leapt nearly 11% to finish the day at $1,087.99, and during the session it also tagged a fresh 52-week high of $1,097.47. Two major analyst upgrades landed over that same weekend, and with the company's earnings report scheduled for June 24, the buy-or-hold debate is fully alive at the moment.
Analysts Just Roughly Doubled Their MU Targets
The sheer scale of the target revisions that emerged over the weekend is genuinely striking. TD Cowen's Krish Sankar lifted his Micron price target to $1,500 from $660, a 127% increase, while RBC Capital Markets' Srini Pajjuri also pushed his target to $1,200 from $525. The boldest call came from Aletheia Capital, which raised its target to $1,600 from $650. On top of that, Wolfe Research reaffirmed its Outperform rating at a $1,250 target as recently as June 11.
The reasoning behind every one of these upgrades is the same. AI-driven demand for High Bandwidth Memory is running well ahead of available supply, and both TD Cowen and RBC believe the current DRAM upcycle still has another five to six quarters left to run. That long runway is a major reason the stock is being repriced so much higher right now.
TD Cowen's Krish Sankar said:
"Demand for memory used in AI systems is still running ahead of supply, and that could keep prices stronger for longer."
Sankar now expects Micron to earn around $23 per share in the third quarter, above Wall Street's consensus estimate of roughly $20, and he sees approximately $27 per share in the August quarter.
The Bull Case in Plain Terms
Micron's HBM capacity is sold out through 2026, with long-term supply agreements already signed and stretching well into the future. Nvidia has also certified Micron, alongside Samsung and SK Hynix, to supply HBM4 for its Vera Rubin AI platform, locking the company into the highest-end AI memory roadmap. For the third quarter, Micron guided to gross margins of around 81%, far above its historical norms and a direct measure of its HBM pricing power. Revenue guidance sits at roughly $33.5 billion, though some analyst estimates run as high as $40.9 billion, a gap of more than $7 billion that shows just how fast-moving this bullish story has become at this stage of the cycle.
Should You Buy Today or Wait Until June 24?
On paper, the bull case looks strong. Sold-out HBM capacity, record margin guidance, and an upcycle that analysts say still has quarters left to run all support the idea that Micron stock is worth owning at some point. But the shares have already made a parabolic move year to date, and anyone weighing a purchase today has to reckon with the fact that the bar for the June 24 earnings report is objectively high.
Buying right before a binary earnings event carries obvious risk, especially for those watching this setup from the sidelines. Waiting until after June 24 means giving up some potential upside, but in exchange you get a far clearer read on pricing, HBM revenue growth, and any commentary on 2027 supply. Either way, next week's Micron earnings report will answer many of the questions the market has been asking all year.
