Micron Trades Near $1,096 Ahead of September 30 Earnings With Street-High Target at $2,000

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Micron Technology heads into its fiscal Q4 earnings report on September 30, 2026, with a Street-high analyst price target of $2,000 against a consensus target of $1,515, after the stock closed at $1,096.16 and sits up 284.3% year to date. The company guided the quarter to $50.0 billion in revenue and roughly $31.00 non-GAAP EPS, while consensus sits at $31.35 EPS on $50.97 billion. Micron has locked in 16 Strategic Customer Agreements, typically five-year terms running through calendar 2030, and 14 of the 16 carry cumulative minimum revenue of roughly $100 billion at floor prices, alongside $22 billion in customer deposits and commitments made up of about $18 billion in cash and $4 billion in letters of credit. Guided Q4 gross margin of approximately 86% would be the richest margin the memory business has ever produced, and chief executive Sanjay Mehrotra said on the fiscal Q3 call that the company currently does not have line of sight as to when memory supply will be able to catch up with increasing demand. The deciding variable is the fiscal Q1 2027 gross margin guide inside the September 30 release: if margins are guided flat or higher versus the roughly 86% Q4 mark the contracted-revenue thesis holds, but if the guide steps down the mean-reversion argument wins and the $2,000 target becomes a number the sell side quietly walks back.

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Micron heads into Sept 30 earnings with a Street-high $2,000 target vs $1,515 consensus; the Q1 2027 gross-margin guide decides whether the contracted-revenue thesis holds or mean-reversion wins.

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