Micron's price spark: I’d start a position around $525

Micron Technology trades around $990 as of mid-2026, but the author argues it’s still too rich given memory-market cyclicality and pricing pressures. Using a three-times-peak-earnings rule, a fair entry point would be about $525, based on a projected peak EPS near $178 in 2028; if earnings decline more than expected, downside could be substantial. With memory chips behaving like commodities and capacity expansions shaping prices, the stock wouldn’t be a buy at today’s price, though updates on pricing, foundry capacity, and rivals’ results could shift the outlook.