Micron’s Up 250% In 2026 — And Wall Street Still Sees Big Upside Before Earnings

(SeaPRwire) –   By: Reginald Vance

Most investors are panicking about Micron right now. It’s up nearly 250% in 2026. Everyone assumes the rally has run too far, too fast. They worry supply will catch up and crush margins by year end. This narrative is everywhere across semiconductor investment circles this month.

RBC Capital raised its Micron price target from $525 to $1,200 on June 15. It kept an Outperform rating, implying 17% upside from current $1,042 share prices. Wolfe Research matched that bullish call on June 11. It lifted its target from $550 to $1,250, also retaining Outperform. Alphabet says 2027 capex will be significantly higher than 2026’s $180–$190 billion forecast. Nvidia projects 2027 AI hyperscaler spending will top $1 trillion, up from 2026’s ~$650 billion. All new production capacity won’t come online until late 2027. Even that extra supply will likely be absorbed by roaring demand. Micron trades at just 16.4x forward 2026 earnings, with a 41.49% net profit margin.

The current DRAM upcycle is already 12 quarters old. RBC analysts expect it to last another five to six quarters. AI inference and agentic AI keep adding new memory demand. Every new AI GPU requires extra DRAM to operate. Every new AI data center needs more NAND for long-term storage. No loose idle capacity exists to meet this jump in demand. Sustained demand, constrained supply, and a still-cheap valuation leave clear upside. Top memory vendors will only consolidate stronger pricing power through 2027.

Author bio: Reginald Vance, a venture partner specializing in semiconductor valuation and advanced materials investment.