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Just For You After Blowout Earnings, How Much Higher Can Micron Go?Author: Jessica Mitacek. Publication Date: 3/24/2026. 
Key Points - Since 2025’s tariff tantrum, shares of Micron Technologies have gained more than 553%, including 34% so far in 2026.
- In its Q2 2026 earnings report, the company announced quarterly revenue growth of 196% and earnings growth of 682%.
- Micron’s fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in the company's history through fiscal 2024.
- Special Report: Elon's "Hidden" Company
It's been a difficult year for the tech sector, which is down more than 6% year-to-date (YTD) — the fourth-worst performer among the S&P 500's 11 sectors — but not every tech stock has struggled. Since its 52-week low on April 4, 2025, amid the fallout from President Trump's broad tariff announcements and the market's ensuing volatility, shares of Micron Technologies (NASDAQ: MU) have rallied an eye-popping 553%. The semiconductor company — which specializes in memory and storage solutions, including dynamic random access memory (DRAM), NAND flash, and high-bandwidth memory (HBM) — has seen its stock rise more than 34% YTD, with the latest boost coming after Micron reported blowout Q2 2026 earnings. For investors who have enjoyed the dramatic run-up, many are wondering how long the good times can last and whether Micron can continue to avoid the same fate that has afflicted the broader tech sector. Despite Corrections, Micron Continues to Climb In Q1 2024, Micron's market cap was $108.18 billion. One year later, that figure has more than quadrupled — now nearly $476 billion — placing the firm among a relatively small group of publicly traded mega-cap names. The adage "what goes up must come down" is often attributed to Sir Isaac Newton. While his point applies to physical objects, stocks are not literal masses bound by gravitation — and Micron has recently resisted that pull. That said, the company's gains have not been a straight line. The stock experienced corrections of more than 18% in November, nearly 15% in both December and February, and about 14% between late February and early March. Time and again, however, Micron shares have recovered and pushed to new all-time highs. In early April 2025 the stock traded at $64.72; at the time of writing, shares change hands at just over $400. No single catalyst explains the surge, but Micron has benefited from multiple tailwinds. Most recently, on March 15 the company announced plans to construct a second chip factory in Taiwan after completing the acquisition of Powerchip Semiconductor Manufacturing Corporation's P5 site in Tongluo, Miaoli County. According to the company's press release, the new site will "complement Micron's existing operations in Taiwan as an extension of the company's vertically integrated mega campus in Taichung." It will include approximately 300,000 square feet of existing 300mm cleanroom space and will support Micron's efforts to expand supply of leading-edge DRAM products, including HBM, to meet growing AI-driven demand. AI Demand Is Powering Micron's Run of Earnings Beats Another recurring catalyst has been the company's strong earnings reports, many fueled by the AI demand that continues to drive its growth. That has helped build a competitive moat for Micron and an impressive streak of earnings beats. Since Q2 2016, the company has missed earnings expectations only twice. Put another way, over the past decade Micron has reported 39 earnings beats in 41 quarters. Most recently, the company reported a top- and bottom-line Q2 2026 beat on March 18, with revenue of $23.86 billion versus analyst expectations of $18.90 billion and earnings per share (EPS) of $12.20 versus analyst expectations of $8.50. For context, one year earlier — in Q2 2025 — EPS was $1.56, a year-over-year (YOY) increase of more than 682%. Quarterly revenue also jumped by more than 196% YOY. In his earnings call remarks, CEO Sanjay Mehrotra said quarterly revenue nearly tripled year over year, with record results across DRAM, NAND, HBM, and all business units. Mehrotra added that Micron's "fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in our company's history through fiscal 2024. For fiscal Q3, we anticipate exceptional records across revenue, gross margin, EPS, and free cash flow." Adding to the positive outlook, the company's board approved a 13% increase to Micron's quarterly dividend, with Mehrotra attributing stronger results and the outlook to rising AI-driven memory demand, supply constraints, and solid execution. "Memory and storage solutions are at the heart of this AI revolution," Mehrotra added. What Wall Street Thinks About Micron Analysts remain bullish on Micron, assigning the stock a consensus Buy rating. With an average one-year price target of $453.55, MU could see potential upside of more than 12% from current prices as earnings are expected to grow nearly 76% over the next year. Current short interest is low at under 3%, suggesting there isn't a large, crowded bearish bet against the stock. Institutional ownership is high, around 81%, and institutional buying exceeded selling in four of the past five quarters. |
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