Micron (MU) is set to reveal its fiscal 2026 third-quarter earnings on June 24, and many analysts are eying the report as a potential stock catalyst. Micron has become the new AI stock darling of 2026, benefitting massively from the chip shortage and AI demand. Year-to-date, MU shares are up over 300% and have been on an upward trend since April. Micron-focused analysts see the growth due to continue after Wednesday’s earnings report, meaning further growth for the stock throughout the Summer. Already today, MU is up an additional 4%, now trading at $1,191.
Micron’s upcoming earnings are highly anticipated, with analysts projecting revenue of $33.5 billion and adjusted EPS of around $19–$20. The focus will be on management’s outlook for AI memory demand. The AI boom is one of the biggest reasons behind MU now trading at all-time highs, but the company has also delivered well on the increasing demand. Micron guided gross margin to about 81% for the next quarter, which in its fiscal third-quarter 2026 outlook was described as approximately 81% non-GAAP gross margin. That guidance came alongside a revenue outlook of $33.5B, plus or minus $750M, and it reflected expectations for higher pricing, lower costs, and a favorable product mix.
Analysts on Wall Street have upped their price predictions for MU stock pre-earnings, suggesting now may be a good buy opportunity. Just today, Needham’s equity research analyst Quinn Bolton reiterated a buy rating on Micron stock. According to the analyst, MU could reach a high of $1,550 next, with a potential uptick of approximately 37%. Furthermore, Bernstein and Susquehanna also reiterated buy ratings for Micron’s stock on Monday, with forecasts of $1,300 and $1,750, respectively.
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Furthermore, Micron’s (MU) rally also comes after the Federal Reserve decided to keep interest rates unchanged. Inflation in the US climbed to 4.2% in May 2026. Federal Reserve Chair Kevin Warsh reiterated that inflation was well beyond the Fed’s 2% target and that prices were still very high. Some even anticipate the Federal Reserve to hike interest rates later this year. As a result, this could mean that stocks like MU that are currently riding high could soon fall back to earth.