Cantor Fitzgerald semiconductor analyst CJ Muse just doubled down on Micron Technology in a way that makes most Wall Street price target revisions look timid. In a research note dated June 8, Muse raised his price target on MU from $700 to $1,500, citing an intensifying memory supply crunch that he believes will power the chipmaker’s earnings well into 2028.
The core thesis: DRAM and NAND memory markets are heading into a period of sustained undersupply, and Micron sits squarely at the center of that squeeze.
The numbers behind the bull case
Muse’s projections for the broader memory industry are staggering. He forecasts total memory industry revenue reaching $1.21 trillion in 2027, broken down into $850 billion in DRAM sales and $360 billion in NAND sales. By 2028, he sees that figure climbing to approximately $1.4 trillion.
Both DRAM and NAND markets are forecast to remain undersupplied through 2028, creating the kind of pricing environment where memory manufacturers don’t just survive, they print money. Muse describes this as a setup for “stronger-for-longer earnings,” which he believes will force consensus estimates higher as the market catches up to reality.
