Micron Technology is posting some of the most impressive earnings growth in the semiconductor industry, and yet the stock is trading at a valuation that would make a value investor do a double-take. Bank of America Securities analyst Vivek Arya has put a spotlight on the disconnect, noting that Micron’s shares are priced at roughly 8.3x estimated 2026 earnings and just 6x projected 2027 earnings.
BofA raised its price target to $1,500, up from a prior target of $950 that was itself an increase from $500 earlier in the year.
Micron’s Q3 blowout and what drove it
Micron’s fiscal Q3 2026 results, reported on June 24, told a story that the valuation multiples don’t seem to reflect. Revenue came in at approximately $41.46 billion, with adjusted earnings per share hitting around $25.11.
The company also issued Q4 guidance that raised eyebrows: projected revenues between $49 billion and $51 billion.
