Vandita Jadeja
5 min read
Quick Read
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Micron (MU) signed 16 take-or-pay customer agreements worth nearly $100 billion, with CEO Mehrotra pledging gross margins “well above” any prior peak cycle.
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While everyone watches NVDA, Micron’s FY27 EPS estimates surged 50% in 90 days to $155, with 92% of analysts rating the stock a Buy.
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Hitting $1,750 requires only an 11x multiple on FY27 earnings, which is still a steep discount to the S&P 500’s 22x, implying 86% upside.
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Everyone is fixated on NVIDIA (NASDAQ:NVDA), but the memory supplier feeding every AI accelerator has quietly become the market’s most explosive story.
Micron Technology (NASDAQ:MU) has returned 708.26% over the past year and 235.19% year-to-date, powered by an unprecedented squeeze in high-bandwidth memory (HBM) supply.
CEO Sanjay Mehrotra summed up the shift on the June earnings call: “AI system performance is architecturally dependent on memory subsystem performance and capacity.” With shares at $942.31, the question is whether Micron can push through to $1,750 in 2027.
Wall Street Sees 60% Upside, But That Might Be Too Timid
Analysts are already firmly bullish. The consensus one-year price target sits at $1,513.41, with 92% of covering analysts rating shares Buy or Strong Buy and zero sell ratings. Fiscal 2027 EPS consensus has ratcheted higher fast, climbing from $102.72 ninety days ago to $155.03 today.
Revenue estimates for FY27 now sit at $240.3 billion. Micron has also beaten expectations for seven consecutive quarters, with the latest quarter clearing the top line by 17.6% and EPS by 23.79%.
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Path to $1,750 Per Share
Here is where the math gets interesting. At $942.31, Micron trades at just 6x the FY27 EPS consensus of $155.03. Hitting $1,750 would require only an 11x multiple on those same earnings, still a discount to the S&P 500’s roughly 22x forward P/E. The move implies 86% upside from here.
