Bank of America Raises Micron Price Target to $1,550, Sees Structural Shift in Memory Chips
Bank of America has maintained its Buy rating for Micron Technology, increasing its price target from $1,250 to $1,550. This adjustment follows insights from SanDisk's investor day, which suggested a more resilient memory chip industry. Analyst Vivek Arya projects Micron's earnings per share for 2030 to be in the range of $200–$250, anticipating a compound annual growth rate exceeding 30% starting from fiscal 2026. In contrast, Wall Street's consensus predicts EPS between $160–$170 at the peak of the cycle. SanDisk's investor day on August 13 highlighted a revenue growth forecast in the mid-to-high teens from fiscal 2028 to 2030, alongside a $93.9 billion customer backlog. Micron's Q3 fiscal 2026 revenue reached $41.46 billion, marking a 346% increase year-over-year, with an EPS of $25.11. Currently, thirty analysts classify Micron as a Strong Buy, with an average price target of $1,563.39.
Key facts
- Bank of America raised Micron's price target to $1,550 from $1,250.
- Analyst Vivek Arya projects Micron's 2030 EPS at $200-$250, a CAGR exceeding 30% from fiscal 2026.
- Wall Street consensus expects $160-$170 EPS at cycle peak.
- SanDisk's August 13 investor day projected mid-to-high teens revenue growth from fiscal 2028-2030 and ~80% adjusted gross margins.
- SanDisk revealed a $93.9 billion customer backlog and eight customers in its New Business Model agreements.
- Micron's Q3 fiscal 2026 revenue was $41.46 billion, up 346% year-over-year; EPS was $25.11.
- Bank of America named Micron a highest-conviction idea for H2, with the price target implying ~50% upside.
- TipRanks shows 29 Buys and 1 Hold among 30 analysts, with an average price target of $1,563.39.
Entities
Institutions
- Bank of America
- Micron Technology
- SanDisk
- TipRanks
Sources
- Quartz —