Micron Eyes $1,600 Target as AI Memory Cycle Heats Up

Micron Technology has surged about 247% year-to-date on AI memory demand, but its stock trades around 15x forward earnings and sits roughly 40% below the consensus target of about $1,513 ahead of the Sept. 30 earnings print. Bulls point to 16 Strategic Customer Agreements totaling roughly $100 billion in minimum revenue and a faster ramp in HBM4 yields as key catalysts; if Q4 EPS clears around $31 and FY27 EPS rises above ~$156, MU could approach $1,600 per share by 2027. Risks include potential hyperscaler capex slowdowns that could temper pricing power.