Will Micron stock keep going up is a question circling Wall Street right now, and the numbers make it hard to argue otherwise. As of May 6, MU closed at $666.59, up 102.7% year-to-date, and also just set a new 52-week high on May 4. The Micron stock forecast for 2026 right now points to one thing above all: an AI-driven memory shortage that the company’s own CEO says is nowhere near resolution. Out of 44 analysts tracked by MarketScreener at the time of writing, the mean consensus sits at a firm “Buy,” with an average target of $551.40 and the highest Micron price target on the board at $1,000.
Micron Stock Forecast for 2026: AI Demand & the $1,000 MU Price Target
Will Micron Stock Hit $1000? Earnings That Changed the Conversation
Micron’s fiscal Q2 FY26 results did a lot to shift how analysts think about the Micron stock forecast for 2026 and beyond. Revenue came in at $23.86 billion, up 196% year-over-year, and non-GAAP EPS hit $12.20, a 682% jump from the prior year. The company also signed pricing and volume agreements covering its entire calendar 2026 HBM supply, including next-generation HBM4, which gives it a level of revenue visibility that most chipmakers can only wish for right now.
Micron CEO Sanjay Mehrotra said in the company’s fiscal Q2 earnings release:
“Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3. In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand.”
DA Davidson started coverage at the Street-high $1,000 price target, and TD Cowen also raised its own target to $660. Fitch upgraded Micron’s credit rating to BBB+, and the stock joined the S&P 100 back in March 2026. The question of whether Micron stock will hit $1,000 is, at this point, something analysts take seriously in a way they simply did not six months ago.
Also Read: When Will Apple Stock Hit $300 After New Price Target from BofA
What the CEO Is Actually Saying About Supply
Micron CEO Sanjay Mehrotra has been remarkably candid about the supply situation. After Q2 earnings, he told CNBC that key customers currently receive only “50% to two-thirds of their requirements” because of the ongoing memory crunch. That admission goes a long way toward explaining why pricing stays elevated and why the Micron stock AI memory demand thesis keeps attracting fresh attention from Wall Street.
Mehrotra told CNBC’s Jim Cramer:
“AI-driven demand is accelerating. It is real. It is here, and we need more and more memory to address that demand. We see that tightness continuing into 2027, so we see durable industry fundamentals over the foreseeable future, driven by AI demand.”
Mehrotra also said in a separate CNBC interview:
“AI is in very early innings; you just saw at GTC how much advances are being made in AI. And memory is a strategic asset; you need more memory, you need faster performance memory in order for AI to be able to deliver its full capabilities.”
Micron now forecasts the HBM total addressable market to grow at a 40% annual rate through 2028, rising from $35 billion in 2025 to around $100 billion by 2028, two years earlier than its previous outlook. Mizuho analyst Rakesh, ranked No. 5 out of more than 12,200 analysts on TipRanks, projects HBM revenue at $19.1 billion in fiscal 2026, $30.7 billion in 2027, and $35.7 billion in 2028.
Will Micron Stock Keep Going Up From Here
The Micron stock prediction for 2027 largely depends on whether AI infrastructure spending holds. Gartner projects DRAM prices to spike 125% and NAND flash prices 234% in 2026, and AI demand for DRAM and NAND looks set to exceed 50% of the entire industry’s total addressable market this year. Those are not small numbers.
Source: Market Screener
At 25 times trailing earnings, Micron also trades at a real discount to peer Sandisk, which currently sits at 40 times earnings. That cheaper valuation keeps the Micron AI memory demand story attractive for investors watching the space but wary of overpaying. So, will Micron stock keep going up at this pace through the rest of 2026? The answer is that no one knows for certain. Memory is a cyclical business, and high prices do bring in new supply over time. But right now, with HBM sold out through year-end, the Micron stock forecast for 2026 and the Micron stock prediction for 2027 both point in the same direction.