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Micron reports its fiscal fourth-quarter results on Wednesday, September 30 — one of the most consequential earnings releases left on the 2026 calendar, and the bar could hardly be higher.
Wall Street expects Micron to post earnings per share of about $31.49 to $31.52, up roughly 940% from $3.03 a year ago, on revenue of around $50.9 billion — roughly 350% higher year over year, according to FactSet consensus reported by Investors.com and CoinCentral. Micron itself guided for fourth-quarter revenue near $50 billion (plus or minus $1 billion) with a non-GAAP gross margin close to 86%. It would be the seventh consecutive quarter of triple-digit earnings-per-share growth.
Analysts spent this week raising the ceiling ahead of the print. Citigroup lifted its price target to $1,300 on September 23, BMO Capital Markets reiterated its Buy rating with a $1,300 target on September 25 while raising its fiscal 2027 revenue and earnings forecasts, and Rosenblatt Securities reaffirmed its Buy rating with a $1,500 target. TD Cowen’s $1,600 target remains the street high. Micron shares closed Friday near $1,082, up roughly 280% year to date, and are probing their all-time high around $1,255 — the stock is now the fourth-best performer in the S&P 500 this year.
The bullish thesis centers on a memory “supercycle” in which DRAM and NAND demand outpaces supply through 2027. BMO’s Harsh Kumar models a 20% sequential jump in DRAM prices this quarter, and high-bandwidth memory is the tightest link: HBM4 memory bound for Nvidia’s top AI chips is reportedly sold out through 2027, with pricing at a 20–25% premium over HBM3e.
Why it matters: Micron is the memory market’s real-time read on the entire AI trade. Its guidance will move not just MU but SanDisk, SK Hynix, and the whole semiconductor complex. With the stock at all-time highs, any crack in the outlook — or a weak fiscal first-quarter guide — risks a sharp reset. The one caution flag: Wells Fargo trimmed its target to $1,400 this week even as it raised future earnings estimates, a reminder that valuation is doing a lot of the work.
What to watch on Wednesday: fiscal first-quarter guidance (consensus expects roughly $35 per share on $56.5 billion of sales), commentary on HBM4 and server DDR5 pricing, and any signals on when DRAM supply and demand come back into balance.
Related reading: Why Treasury Yields Are Surging in 2026 — rising yields were the clearest drag on semis this week; TQQQ vs SOXL: Which 3x Leveraged ETF Is Better for trading semiconductor volatility.
What’s your read — does Micron’s report confirm the memory supercycle, or has the market already priced perfection?
Sources:
– https://www.investors.com/news/technology/micron-technology-mu-stock-fiscal-q4-earnings-preview/
– https://coincentral.com/micron-mu-stock-what-wall-street-expects-from-earnings-sept-30/
– https://www.tipranks.com/news/analysts/micron-stock-forecast-trending-supercycle-optimism-from-analysts
– https://www.themarketsdaily.com/2026/09/26/micron-technology-nasdaqmu-price-target-raised-to-1300-00.htmlAuto-posted by the Bull Lounge news desk.
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