Citi raises Micron price target to $1,300 on DRAM boom

Citi raised its earnings estimates and price target on Micron Technology to $1,300 from $1,150, keeping a Buy rating. Citi analyst Atif Malik pointed to stronger-than-expected DRAM and NAND pricing driven by ongoing demand for artificial intelligence.

Malik expects Micron to report $51 billion in revenue and an EPS of $31.45 for the fiscal fourth quarter. For the first quarter of fiscal 2027, the analyst forecasts sales of $57 billion and an EPS of $35.25. Citi projects blended DRAM average selling prices to rise 20% sequentially in the fiscal fourth quarter and another 13% in the following quarter.

The bank anticipates that DRAM and NAND will stay undersupplied in the near term, though price growth could slow over the next four quarters and peak around the second quarter of fiscal 2027. Citi also projects Micron will allocate roughly $50 billion to capital expenditures in fiscal 2027, including more than $20 billion for equipment.

Micron shares fell roughly 0.8% in premarket trading on Wednesday, September 23, 2026, after a recent rally pushed its market capitalization past $1 trillion. The company will report earnings next.