Micron Technology just pulled off the kind of comeback that makes short sellers reconsider their life choices. After a sharp 13% decline, the stock surged nearly 10% in pre-market trading between June 9 and 10, fueled by a wave of analyst upgrades and a price target hike from Goldman Sachs that basically screamed confidence.
The investment bank raised its target on Micron from $400 to $900. That is not a typo. Goldman more than doubled its outlook for a company already trading at elevated levels, signaling that Wall Street thinks the AI-driven memory boom is far from over.
The numbers behind the optimism
Micron’s fiscal Q3 earnings report, scheduled for June 24, is shaping up to be one of the quarter’s most consequential releases. Consensus revenue estimates sit at approximately $34.47 billion, which would represent a roughly 270% increase compared to the same period last year.
The earnings-per-share projection is even more dramatic. Analysts expect $19.79 in EPS, a 936% year-over-year jump. To put that in perspective, the company itself guided for approximately $33.5 billion in revenue at the Q3 midpoint, meaning the Street’s estimates are running slightly ahead of management’s own expectations.
