Micron stock bullish momentum hit a peak on June 15, with MU surging nearly 11% to close at $1,087.99, also reaching its 52-week high of $1,097.47 during the session. Two major analyst upgrades dropped over the same weekend, and with Micron stock earnings due June 24, the buy-or-hold debate is very much alive at the time of writing.
Micron Stock Earnings Outlook, Bull Case And Buy Or Hold Analysis
Analysts Just Repriced MU By Double
The scale of the analyst revisions that came out over the weekend is genuinely striking. TD Cowen’s Krish Sankar raised his Micron price target to $1,500 from $660, a 127% increase, while RBC Capital Markets’ Srini Pajjuri also moved his target to $1,200 from $525. Aletheia Capital came in with the most aggressive call, raising its target to $1,600 from $650. Wolfe Research also reaffirmed its Outperform rating at a $1,250 target as recently as June 11.
The argument across all these upgrades is the same: AI-driven demand for High Bandwidth Memory runs well ahead of available supply, and both TD Cowen and RBC see the current DRAM upcycle lasting an additional five to six quarters. That kind of runway is a big part of what drives the Micron stock bullish repricing right now.
TD Cowen’s Krish Sankar stated:
“Demand for memory used in AI systems is still running ahead of supply, and that could keep prices stronger for longer.”
Sankar also now expects Micron to earn around $23 per share in the third quarter, above Wall Street’s consensus estimate of roughly $20, and sees approximately $27 per share in the August quarter.
The Micron Stock Bull Case In Plain Terms
Micron’s HBM capacity is sold out through 2026, with long-term supply agreements already signed and stretching well into the future. Nvidia also certified Micron, alongside Samsung and SK Hynix, to supply HBM4 for its Vera Rubin AI platform, locking Micron into the highest-end AI memory roadmap. For Q3, the company guided to gross margins of around 81%, far above historical norms and a direct measure of HBM pricing power. Revenue guidance sits at roughly $33.5 billion, though analyst estimates range as high as $40.9 billion, a gap of more than $7 billion that reflects how fast-moving the Micron stock bullish story really is at this stage of the cycle.
Also Read: Will Micron Stock Drop? SK Hynix & Samsung Tighten Their Grip on HBM
Should You Buy Micron Stock Today Or Wait?
The Micron stock bull case looks strong on paper. Sold-out HBM, record margin guidance, and an upcycle that analysts say has quarters still to run all support the idea that you should buy Micron stock at some point. But the stock already had a parabolic move year to date, and anyone asking whether to buy Micron stock today has to account for the earnings bar being objectively high going into June 24.
Buying right before a binary earnings event carries obvious risk for anyone watching the Micron stock bullish setup from the sidelines. Waiting until after June 24 trades some potential upside for a much clearer read on pricing, HBM revenue growth, and any 2027 supply commentary. Either way, Micron stock earnings next week will answer a lot of the questions the market has been asking all year.