Micron’s Valuation Divide: Wall Street Weighs $1,200 Target Against 600% Rally

Micron Technology Inc. (MU) presents a paradox for investors. At $698/share—hovering near its 52-week high of $818.67—the stock has surged 600% from lows, yet valuation metrics suggest room for growth. The bull case hinges on a trailing P/E of 39x applied to fiscal 2026 EPS estimates ($30.28-$32.45), implying a $1,190-$1,275 price target. Such projections would deliver 183% upside from current levels.

Key to the debate is Micron’s role in AI memory supply chains. Q1 2026 results (November 2025) revealed tightening capacity amid soaring demand for high-bandwidth memory (HBM) chips. Shortages could sustain pricing power, but bears note cyclical risks in semiconductors. With MU trading at 7-8x forward earnings—a discount to the S&P 500—the stock remains a battleground for growth versus value investors.