Micron Price Target Jumps to $1,500 as HBM Capacity Sells Out

MU•2026-06-15

TD Cowen lifted Micron's price target to $1,500 from $660 and forecasts $23 per share in Q3 and $27 per share in Q4, citing strong AI memory demand. With HBM capacity sold out through 2026 and shares up 758% this year, the June 24 earnings report will test lofty valuations.

1. Price Target Raised

TD Cowen analyst Krish Sankar increased Micron’s price target by 127%, from $660 to $1,500, reflecting expectations that AI-driven demand will keep memory chip prices elevated.

2. Upgraded Earnings Estimates

Sankar projects $23 per share in fiscal Q3 and $27 per share in fiscal Q4, both surpassing current consensus estimates based on stronger average selling prices.

3. HBM Capacity Fully Booked

Micron’s high-bandwidth memory capacity is sold out through 2026, and NVIDIA certification underscores its strategic role in AI infrastructure supply chains.

4. June 24 Earnings Catalyst

The upcoming fiscal Q3 report will reveal updates on memory pricing, AI server orders, and long-term contracts, determining whether current valuations remain justified.