Micron Stock Price Target Raised to $1,300 by Citi on Undersupply

The Micron stock price target was raised to $1,300 from $1,150 by Citi analyst Atif Malik, who kept a buy rating on Micron Technology (MU) as DRAM prices surged more than 60% and memory supply stayed tight. The new MU stock target Citi set implies about 21% upside from the latest close, adding to a bullish Micron stock forecast. Micron stock today sits at $1,071.88, so for anyone asking will MU stock go up, the analyst math points higher at the time of writing, with the Street average target at $1,515.

Also Read: Micron Stock Nears $1,100. Is Micron Finally Ready to Split?

Micron Stock Forecast: MU Stock Target Citi, Prices and Outlook

Micron Stock Today Pulls Back After a Strong Week

Micron stock closed at $1,071.88 on September 23, down $24.28 or 2.22%, and it slipped another 0.81% to $1,063.25 in overnight trading. MU was still up 15.69% over five days. Shares are also up about 277% year to date, and the new Micron stock price target sits roughly $228 above the latest close.

Why Citi Raised Its Micron Stock Price Target

Malik raised his August and November quarter estimates after DRAM pricing came in stronger than he had modeled. He expects a rally into SEMICON West as equipment makers highlight DRAM shortages, and sees upside to fiscal Q4 estimates with DRAM and NAND still undersupplied.

Micron CEO Sanjay Mehrotra said this on the fiscal Q3 earnings call:

“DRAM and NAND industry demand continues to significantly exceed industry supply. We expect tight conditions to persist beyond calendar 2027 as a result of AI-driven demand across all segments coupled with structural supply constraints.”

In fiscal Q3, DRAM prices rose in the low 60s percentage range and NAND prices in the mid-80s. The higher Micron stock price target was built on that pricing.

Will MU Stock Go Up From Here?

Fiscal Q3 2026 revenue reached $41.46 billion, up 345.7% year over year, with non-GAAP EPS of $25.11 and a record non-GAAP gross margin of 84.9%. Fiscal Q4 guidance calls for revenue of $50 billion, plus or minus $1 billion, and EPS of $31, plus or minus $1.

Micron has also signed 16 Strategic Customer Agreements, mostly five-year take-or-pay deals through calendar 2030. For 14 of them, cumulative revenue at the minimum price is approximately $100 billion, backed by $22 billion in cash deposits and letters of credit. Mehrotra stated this in the fiscal Q3 earnings release:

“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era. Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”

MU trades at a trailing PE of 23 and a forward PE of just 7, and consensus fiscal 2027 EPS has climbed to $156.53 from $117.86 ninety days ago. The MU stock target Citi now holds sits below the Street mean, which keeps the Micron stock forecast pointed up if pricing holds.

Also Read: Micron Stock Surges: New All-Time High In September 2026?

Still, pullbacks can come fast after a triple-digit rally. So, will MU stock go up? Undersupply, locked-in contracts and rising estimates all point that way right now, which is why the Micron stock price target keeps moving higher.