Bank of America Insanely Bullish on Micron. Sees Shares Rising 83% From Here.
Wall Street's most bullish Micron analyst just raised his price target again after a quarter that shattered expectations, but the stock has already tumbled sharply from its post-earnings spike, raising the question of whether this is a rare buying window…
![A financial graphic with the blue Micron Technology logo prominently displayed on a dark green background grid. Behind the logo, a bright green line graph and vertical bar chart depict rising stock trends. At the bottom of the image, a black bar displays the stock information '129.49 +3.22 [2.55%]' in white and green text. The '24/7 WALL ST' logo is in the top right corner.](https://247wallst.com/wp-content/uploads/2024/05/Postive-1-400x225.jpg)
Bank of America says Micron Technology (NASDAQ:MU | MU Price Prediction) is going to $1,550, a call that implies roughly 83% upside from the stock’s $848.95 close on July 17, 2026. Investors should confirm the price intraday, since the memory name has been moving fast in both directions.
Who Is Making the Call
BofA analyst Vivek Arya lifted his price objective to $1,550 from $1,500 and reiterated a Buy rating, citing “another memorable beat.” Arya has also framed the recent chip pullback as a “summer reset” rather than a fundamental reversal. He is not alone. TD Cowen has also moved to $1,500, and the Street consensus target sits at $1,491.95, with 31 Buy and 9 Strong Buy ratings against a single Strong Sell.
The Numbers Behind the Target
Micron’s fiscal Q3 2026 report gave the bulls plenty of ammunition. Revenue landed at $41.46 billion, up 345.72% year over year from $9.30 billion. GAAP net income was $28.24 billion, up 1,398.3%. Non-GAAP gross margin hit 84.9% (GAAP 84.6%, up from 37.7% a year ago), and non-GAAP diluted EPS of $25.11 topped the $20.28 consensus by 23.79%, the eighth straight quarterly beat.
Cloud Memory generated $13.77 billion, with Core Data Center and Mobile and Client each at $11.52 billion and Automotive and Embedded at $4.63 billion.
The Structural AI Thesis
BofA argues memory chips, especially high-bandwidth memory (HBM) for AI accelerators, are shifting from a cyclical commodity into a long-term AI theme. The firm raised its global semiconductor sales forecast to $2.7 trillion by 2030, up from $2.3 trillion, and projects the HBM market could reach roughly $246 billion by 2030, up from about $35 billion. Micron has signed 16 multi-year Strategic Customer Agreements that lock in pricing visibility, including a new supply-and-investment partnership with Anthropic announced in June 2026.
CEO Sanjay Mehrotra put it plainly: “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.” That outlook calls for fiscal Q4 revenue of $50.0 billion plus or minus $1.0 billion, non-GAAP EPS of $31.00 plus or minus $1.00, and non-GAAP gross margin of approximately 86%.
Volatility Is the Price of Admission
Micron is up 197.63% year to date, but it has slipped 13.31% in the past week and 18.61% over the past month. Shares spiked to roughly $1,190 in the hour after earnings before sliding back to $848.95. The reversal tracks a broad memory-sector selloff that also hit Samsung and SK Hynix, not a Micron-specific issue.
The Balanced Takeaway
BofA’s $1,550 call is one analyst’s view, not a guarantee. The fundamentals support a bullish case, and the forward P/E of 5 is unusually low for a name growing this fast. Micron has also shown it can swing sharply in both directions, so this remains a high-conviction, high-volatility bet rather than a settled outcome.
Contact [email protected] for any questions or corrections.
I've spent more than 15 years inside enterprise software, working alongside the finance, sales operations, and HR leaders who run the revenue engines at some of the largest tech companies in the country.
My day job is helping enterprise executives make smarter decisions about retention, compensation, and growth. These are the same operational levers that show up in every earnings report investors actually read. That perspective shapes my writing for 24/7 Wall St.
The headline numbers are easy. The interesting stuff is underneath: how companies make money, what executives are worried about, and what any of it means for the person checking their 401(k) on a Sunday afternoon. I write about personal finance and business as someone who has spent her career inside the rooms where these decisions get made.
