Micron Technology (NASDAQ: MU)
Micron closed at $977.50 on September 17, 2026. That’s up 5.5% on the day. In fact, the stock has been on a wild run this year, and the analyst notes keep piling up in its favor.
Analysts Are Overwhelmingly Bullish
Since the last earnings report on June 24th, most major firms have either reiterated or raised their price targets on $MU. Out of the 27 ratings tracked here, only Goldman Sachs is sitting on a Hold. Meanwhile, everyone else has a Buy.
The targets are spread pretty wide. For instance, Melius Research is the most bullish at $2,200. Similarly, Cantor Fitzgerald, Barclays, and Susquehanna are all sitting at $2,000. A lot of firms bumped their numbers up fast over the summer. As an example, Barclays went from $1,175 to $2,000. Likewise, Phillip Securities jumped from $530 all the way to $1,870. Even Melius itself moved from $1,100 to $2,200 in just a few months.
The Real Story Is Memory
The bigger story behind all this is memory. To begin with, Nvidia confirmed it’s raising AI server prices by more than 15%, and the reason is simple. Server DRAM roughly doubled in price during Q1 2026. In addition, some reports show an 80 to 90% jump across DRAM, NAND, and HBM in that same stretch.
Micron sits right in the middle of this. Along with Samsung and SK Hynix, it’s one of only three companies that actually make the high bandwidth memory these AI chips need. As a result, that gives it real pricing power. Furthermore, analysts expect this shortage to stick around too. Gartner sees it lasting into 2027, while Deloitte thinks AI server DRAM prices could roughly quadruple this year.
Demand Keeps Outpacing Supply
There’s a demand side to this too. For example, Nebius, an AI cloud provider, has been benefiting from rising GPU rental rates, with H100 pricing up about 20% year to date. Overall, it’s another sign that compute demand is outpacing supply across the board, which only adds more pressure on the memory side where Micron plays.
The Takeaway
Put it all together and the setup looks straightforward. Heavy AI demand is pushing up GPU and server prices. Consequently, that’s tightening memory supply. Ultimately, that’s putting Micron in a strong position heading into the rest of the year.
Source: Tipranks
Disclosure: The author holds a long position in $MU stock at the time of writing
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