Micron Technology was upgraded to Buy following a dramatic recovery in the DRAM market that mirrors the robust memory cycle of 1993. Analysts highlighted a fourfold increase in DRAM pricing over the past year and a 20% rise in bit shipments, creating one of the most advantageous environments for Micron in decades. Management’s outlook for calendar years 2025 and 2026 now stands among the company’s strongest ever, with further upward revisions expected as structural supply shortages continue to drive both volume and price gains.

In its first fiscal quarter of 2026, Micron delivered record revenue of $13.64 billion and posted year-over-year earnings growth that outpaced consensus expectations. Wall Street now forecasts full-year adjusted earnings of approximately $32.14 per share, nearly quadruple the $8.29 reported a year earlier. This surge reflects robust demand from data center operators and AI infrastructure builders, who are racing to secure both DRAM and NAND capacity in the face of constrained industry supply.

After gaining 11% on January 2, 2026, Micron’s share performance has been further supported by renewed analyst confidence, most notably Sanford C. Bernstein’s target increase to $330 per share. This marks a significant upward revision from levels set just months earlier, underscoring expectations that DRAM shortages will persist through 2026 and continue to underpin margin expansion. Investors are watching inventory metrics and capital expenditure plans closely, as any moderation in supply discipline could reshape the outlook for price and volume growth.