Micron stock analysts raise targets as high bandwidth memory contracts lock pricing through 2027

Micron Technology shares have surged more than 270% in 2026, and a growing number of Wall Street analysts see further upside as high bandwidth memory contracts lock in pricing power through 2027. The rally now faces a test from a Taiwan labor dispute that could disrupt production plans ahead of a key union meeting on October 22.

• Micron stock closed at $1,063.96 after the October 5 close, up 272.78% year-to-date
• Fiscal 2026 revenue reached $133.19 billion, up from $37.38 billion the prior year
• DA Davidson’s Gil Luria set a Street-high price target of $2,100 per share

• $1,063.96 Micron’s closing share price October 5, up 272.78% this year
• $133.19B fiscal 2026 revenue versus $37.38 billion a year earlier
• $2,100 DA Davidson’s Street-high target, nearly double the current price
• 88% operating margin posted by Micron’s Mobile and Client unit in Q4

Micron Technology stock has become one of 2026’s standout trades, closing at $1,063.96 after the October 5 close following a 272.78% year-to-date advance, according to Watcher Guru. The memory chipmaker has already locked in contracts covering most of its 2027 high bandwidth memory supply, and analysts tracked by Yahoo Finance put the average one-year price target at $1,535.57, roughly 44% above the current level.

Fiscal 2026 revenue triples to $133.19 billion on HBM pricing

Micron’s fiscal 2026 revenue hit $133.19 billion, more than triple the $37.38 billion booked a year earlier. The jump reflects both unit growth and sharply higher prices across memory products.

The company’s Mobile and Client division posted an 88% operating margin in the fourth quarter, driven largely by price increases rather than volume growth. Last Friday, October 2, Micron said it is accelerating HBM capacity additions at four sites in Taiwan to keep pace with demand from AI customers.

Chairman and CEO Sanjay Mehrotra addressed the HBM supply picture on the earnings call.

We have completed agreements for the vast majority of our calendar 2027 HBM bit supply with significant price increases year over year, narrowing the gross margin gap with conventional DRAM.

Sanjay Mehrotra, Chairman and CEO, Micron Technology

Mehrotra also said Micron is working with Nvidia on the industry’s first custom HBM4E implementation. The company expects industry-wide HBM bit shipments to keep growing faster than conventional DRAM through calendar 2028.

Price targets split from $675 to $2,100 after earnings

Wall Street has been raising estimates since the results came in. Baird lifted its target to $1,520 from $1,280, DA Davidson’s Gil Luria set a Street-high $2,100 target, and Bank of America held its target at $1,550.

Baird analyst Tristan Gerra wrote that acute shortages are expected to persist in 2027. Morgan Stanley’s Joseph Moore is more cautious, carrying a $1,200 base case alongside a $675 bear case if the memory market turns down.

The gap between Moore’s bear case and Luria’s bull case, more than $1,400 per share, shows how much disagreement remains over whether today’s HBM scarcity is structural or cyclical. Micron shares slipped 1.02% on Monday after the October 5 close, a reminder of how volatile the stock remains even inside a broader uptrend.

Taichung union heads into third session on October 22

Mehrotra told analysts that Micron sees demand outpacing supply through both 2027 and 2028, with the supply-demand gap only getting tighter and no clear line of sight on when it rebalances. That outlook keeps the bullish case intact ahead of Micron’s next earnings report, estimated for December 23, 2026.

Shares currently trade at roughly 14 times trailing earnings, with trailing EPS of $74.33, a valuation some analysts argue still understates the growth in HBM pricing. The clearest risk to that case sits in Taiwan, where unions are seeking 15% of company profits to be shared with workers.

A mediation round has already failed, and the Taoyuan union has floated a strike vote. The Taichung union returns for a third negotiating session with Micron on October 22, 2026.

The BlockWest read. Allocators chasing the HBM scarcity trade are also underwriting a Taiwan labor dispute that neither Micron nor the sell-side has priced with much precision. A strike vote or a profit-sharing settlement before October 22 will test whether the bull case rests on durable pricing power or on a supply chain holding together through a tense moment for Micron’s Taiwan workforce.

The Taichung union’s third session with Micron is set for October 22, 2026, and its outcome, together with whether 2027 HBM contracts hold through the company’s next earnings report expected December 23, 2026, will determine if shares test their $1,255 52-week high, which is about 15% above the October 5 close.

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