- Micron shares surged 272.78% year-to-date, closing at $1,063.96 on October 5.
- Record fiscal 2026 revenue of $133.19 billion and tight HBM supply drove the rally.
- Analysts raised price targets, with DA Davidson hitting a Street-high $2,100.
- Management sees demand exceeding supply through 2028, while labor risks in Taiwan loom.
The Micron stock rally, fueled by a tight HBM shortage and record earnings, pushed the Micron stock price to $1,063.96 after the October 5 close. Fiscal 2026 revenue hit $133.19 billion, up from $37.38 billion a year earlier.
Consequently, Wall Street analysts boosted their targets. Baird raised its price target to $1,520 from $1,280, while DA Davidson’s Gil Luria set a Street-high $2,100. Bank of America kept its $1,550 target. Baird analyst Tristan Gerra stated, “Acute shortages are expected to persist in 2027.”
Meanwhile, management expects memory markets to tighten further. CEO Sanjay Mehrotra said, “In calendar 2027 as well as 2028, we see demand exceeding supply. We do not have line of sight to when supply and demand will return to balance.” The company has already locked HBM contracts for most of its 2027 supply with significant price increases.
However, labor risks in Taiwan threaten production. Unions want 15% of profits shared with workers, and a strike vote is possible. The Taoyuan union floated a strike vote after a failed mediation, while Taichung heads into a third session with the company on October 22, 2026. For now, the Micron stock rally rests on scarcity and pricing power.
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