Wells Fargo analyst adjusts Micron stock price target but raises earnings estimates
On September 24, 2026, Wells Fargo analyst Aaron Rakers revised his price target for Micron Technology (MU) downward by 8%, from $1,525 to $1,400. However, the firm simultaneously raised its fiscal year 2027 and 2028 earnings per share estimates by approximately 5% and over 10%, respectively. This adjustment reflects confidence in Micron’s long-term financial performance despite a short-term price target reduction. Micron has experienced significant growth this year, with shares up more than 280% YTD as of September 24. The company is set to report Q4 fiscal 2026 earnings on September 30 and guided for revenue between $49 billion and $51 billion, along with a non-GAAP gross margin near 86%. Analysts from JPMorgan, BofA, Stifel, and TD Cowen have also maintained or raised their price targets, indicating broad optimism about Micron’s future performance. The analyst revisions come amid strong demand for memory chips driven by AI applications. Wells Fargo expects free cash flow to exceed $125 billion annually starting in late 2026, with full shareholder returns beginning at that time.
Topics: Earnings Estimates Micron Technology Price Targets Wells Fargo Analyst