Micron (MU) Stock: Citi and Susquehanna Raise Price Targets Ahead of Earnings

TLDR

• Micron stock is down 15% from its Feb. 2 all-time closing high of $437.80
• Citi raised its price target to $430 from $385, maintaining a Buy rating ahead of March 18 earnings
• Susquehanna lifted its target to $525 from $345, keeping a Positive rating
• Citi forecasts DRAM prices to rise 171% year-over-year in 2026 on strong data center demand
• SK Hynix and Samsung are reportedly the sole HBM4 suppliers for Nvidia’s new Vera Rubin accelerator, with Micron not yet included

Micron stock edged higher Monday, rising 0.5% to $372.29, as investors processed a mix of bullish analyst upgrades and a report that two Korean rivals had locked up a key Nvidia contract.

Micron Technology, Inc., MU

The stock has had a rough few days. It fell 6.7% on Friday and 0.9% the day before, leaving it down 15% from its all-time closing high of $437.80 set on Feb. 2.

Investors are now watching closely ahead of Micron’s second-quarter earnings report on March 18.

Two Wall Street firms stepped up with price target increases on Monday. Citi maintained its Buy rating and raised its target to $430 from $385. Susquehanna kept its Positive rating and made a bigger move, lifting its target all the way to $525 from $345.

Citi analyst Atif Malik pointed to rising memory prices as the key driver. He now expects DRAM average selling prices to increase 171% year-over-year in 2026, fueled by strong data center demand. NAND prices are also forecast to rise 127% year-over-year on robust eSSD demand.

Malik also flagged reports that Samsung is raising DRAM prices by 100% quarter-over-quarter in the first quarter.

Citi’s team noted that a key debate among investors is whether the current memory upcycle resembles the extended boom seen during the 1990s Windows PC era. They believe Micron stock can hold its gains in 2026, though they warned that outperformance could ease in the second quarter after a sharp price surge in Q1.

SK Hynix and Samsung Grab Nvidia HBM4 Deal

Korean media reported Sunday that SK Hynix and Samsung have been selected as the sole suppliers of HBM4 memory for Nvidia’s new Vera Rubin accelerator. Barron’s said it had reached out to all three companies for confirmation.

That news initially raised concerns about Micron’s competitive position in the high-bandwidth memory market.

But independent analyst Richard Windsor of Radio Free Mobile pushed back on the bearish read. He said he expects Micron to be added as a supplier later in 2026 as shipments ramp up.

“Furthermore, I do not expect that Micron will suffer a loss of revenues, as everyone is fully booked out for 2026,” Windsor wrote. He added that any capacity originally earmarked for Nvidia would be sold to other customers.

What to Watch at Earnings

Susquehanna analyst Mehdi Hosseini said supply and demand in the memory market could start to balance out around mid-2027 as new production facilities come online.

He added that more demanding AI workloads could keep memory demand elevated even as margins begin to narrow at that point.

Looking back at the last three memory demand cycles since the 1990s, Citi noted that Micron stock has historically peaked two to four months before DRAM prices. With DRAM prices still expected to climb through 2026, Citi sees room for the stock to run.

Micron is scheduled to report second-quarter earnings on March 18.

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