Goldman Doubles Micron Price Target to $900, Boosts Estimates on Supply Tightness
MU•Goldman raised Micron’s price target to $900 from $400 and lifted its 2026 revenue and EPS estimates by 28% and 36% on tighter memory supply. It forecasts fiscal Q3 revenue of $37.6 billion and $22.07 EPS versus consensus $34.4 billion and $19.74, and projects August revenue of $48.8 billion versus $40.4 billion.
1. Goldman Raises Price Target and Estimates
Goldman Sachs raised its 12-month price target on Micron from $400 to $900 and increased its 2026 revenue estimate by 28% and non-GAAP EPS projection by 36%, citing ongoing supply constraints and sustained demand for memory chips.
2. Strong Q3 and August Guidance
The firm forecasts Micron’s fiscal third-quarter revenue at $37.6 billion with EPS of $22.07, well above consensus of $34.4 billion and $19.74, and expects August-quarter revenue of $48.8 billion versus the $40.4 billion Street estimate.
3. Persistent Supply Tightness and Demand Upside
Analysts anticipate that tightened DRAM and NAND supply will persist through calendar 2027, driving higher industry pricing and gross margins. This outlook underpins expectations for margin expansion and revenue visibility over the coming quarters.
4. Strategic Customer Agreements and HBM Roadmap
Investor focus will center on details around Micron’s long-term Strategic Customer Agreements, which lock in supply commitments and potential pricing terms, and on updates to its high-bandwidth memory roadmap, including HBM4 share gains.
