Micron Technology Prepares for September 30 Earnings Amid AI Demand Surge

SK Hynix (SKHY) shares fell 3% to $189.79 despite Wolfe Research raising its price target to $250. Wolfe projects SK Hynix and Micron (MU) could repurchase 32% and 25% of their market caps by 2027. SanDisk (SNDK) dropped 3%, and Micron slid 2%. The Roundhill Memory ETF (DRAM) fell 3%, outpacing the QQQ's 0.87% decline, indicating sector-wide selling.

Micron (MU) stock fell 2% after Wells Fargo cut its price target to $1,400, while Citi raised its target to $1,300 citing strong DRAM pricing. Wells Fargo remains bullish, expecting continued memory shortages. Michael Burry increased his short position, citing potential supply easing. Citi forecasts strong Q4 results and expects pricing growth to decelerate by Q2 2027.

Citi raised Micron's (MU) price target to $1,300 from $1,150, citing stronger DRAM pricing and supply tightness. Micron's customer agreements secure $100 billion in minimum revenue through 2030. Despite a 277% YTD surge, MU trades at a forward PE of 7. Analysts expect continued undersupply and price power.

Wolfe Research raised its price target for SK Hynix (SKHY) to $250, citing improving memory pricing and potential cash returns. The firm expects SKHY and Micron (MU) to generate significant free cash flow through 2028, enabling substantial share buybacks. Both stocks fell amid broader market weakness, with SKHY down 3% and MU down 2%.

Citi raised its price target on Micron (MU) to $1,300, citing better DRAM pricing and expectations of supply constraints. The bank forecasts Q4 sales of $51B and EPS of $31.45, above consensus. Micron's stock has rebounded 34% from its July low. Citi anticipates equipment shortages and strong AI-driven demand to support memory prices into 2027.

Citi raised Micron's (MU) price target to $1,300 from $1,150, citing strong DRAM pricing and market undersupply. UBS maintained a 'Buy' rating with a $1,625 target, expecting robust demand and share repurchases. MU shares rose 4.5% to $1,094. Analysts forecast Q4 2026 revenue of $52B and Q1 2027 revenue of $58B-$59B.