Is Micron (MU) Stock a Buy Before Earnings on Wednesday?

TLDR

• Micron reports Q2 FY26 earnings Wednesday, March 18, after market close
• Wall Street expects EPS of $8.74–$8.77, up ~460% year-over-year
• Revenue forecast of $19.03 billion, up 136% year-over-year
• MU stock is up ~55% year to date heading into the print
• Wedbush raised target to $500; Wells Fargo raised to $470 with a Buy rating

Micron Technology is set to report its fiscal second-quarter 2026 earnings on Wednesday, March 18, after the closing bell. The report arrives with the stock already up around 55% this year.

Micron Technology, Inc., MU

Wall Street is looking for earnings per share of $8.74 to $8.77 for the quarter. That would represent roughly 460% growth compared to the same period a year ago.

Revenue is expected to come in at around $19.03 billion. That marks a 136% increase year-over-year, driven largely by demand for high-bandwidth memory and DRAM in data centers.

The memory market has been running hot. Tight supply and rising prices have been a tailwind for Micron all year.

Options traders are pricing in a move of about 10.61% in either direction following the earnings release. That’s a wide band, reflecting just how much uncertainty — and excitement — is baked into this print.

Analyst Price Target Upgrades

Ahead of the report, analysts turned more bullish. Wedbush Securities analyst Matthew Bryson raised his price target to $500 from $320, keeping an Outperform rating. He noted that Micron’s earnings outlook keeps improving and the stock still trades below typical peak valuations for memory companies.

Wells Fargo’s Aaron Rakers also stayed bullish, reiterating a Buy rating and raising his target to $470 from $410. Rakers sees peak earnings potential in the range of $50 to $60 per share, with longer-term earnings power of $30 to $40 per share.

Among 27 Wall Street analysts, Micron holds a consensus Strong Buy rating. That’s based on 26 Buy recommendations and one Hold in the last three months. The average price target sits at $448.07, implying about 5.15% upside from current levels.

The broader range of analyst targets runs from a low of $86.28 to a high of $650.00, with a one-year average of $407.89.

HBM4 and New Taiwan Facility

Micron recently began volume shipments of its HBM4 memory, designed for Nvidia’s upcoming Vera Rubin platform. The new product delivers over 2.8 TB/s of bandwidth — more than twice the speed of the prior generation — and is over 20% more power efficient.

That puts Micron squarely in the middle of the next wave of AI infrastructure buildout.

Micron also completed the purchase of the P5 chip plant from Powerchip Semiconductor Manufacturing in Tongluo, Taiwan. The deal, first announced in January 2026, adds roughly 300,000 square feet of cleanroom space.

The company plans to upgrade the facility for DRAM and HBM production, with shipments expected to begin in fiscal 2028.

Rakers flagged that investors will be paying close attention to how Micron addresses competition concerns around HBM4 in the context of Nvidia’s Rubin cycle.

The average analyst price target of $407.89 currently sits below MU’s trading price of $426.13, implying a slight downside of 4.28% based on the consensus one-year view.

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