Micron Clears Goldman's Doubled $900 Target While Goldman Still Says Hold Into June 24

Goldman Plays the Spoiler

On Tuesday, Goldman Sachs analyst James Schneider more than doubled his Micron price target to $900 from $400 — and still kept a Neutral rating. The rating is the tell: $900 was already roughly 4% *below* where MU closed that day, so doubling the number was less a bull call than Goldman conceding its old target had gone absurdly stale. The note still leaned on the same setup everyone is citing — tight memory supply running through at least 2027 and HBM demand tied to Nvidia's data-center buildout. MU has since traded up to $925.40, which puts even Goldman's freshly minted target underwater. When the cautious house has to chase the price and still won't say buy, you're watching a stock outrunning its own analysts.

The Targets Stacked Above It

Goldman is the low end of the range. The rest of the Street has spent the past two weeks racing each other higher: Daiwa more than doubled to $1,600 from $700, UBS sits at $1,625, Susquehanna at $1,750, and Raymond James' Melissa Fairbanks doubled her target to $1,100 on June 1. The common thread is supply, not sentiment: Micron's entire 2026 HBM output is already sold out under multi-year contracts, which turns memory from a swingy commodity into a booked revenue stream. That's the bull case in one line — you can't get squeezed on price when there's nothing left to sell.

What the June 24 Print Has to Confirm

The fundamentals behind the target frenzy aren't subtle. Last quarter Micron did $23.86 billion in revenue, nearly triple year-over-year, with DRAM at $18.8 billion and NAND at $5 billion as AI data-center demand pushed DRAM pricing up by the mid-60s percent sequentially. Management guided fiscal Q3 to roughly $33.5 billion in revenue at about 81% gross margin and adjusted EPS near $18.90 — figures that would have read as typos a year ago. Those land on June 24. With the stock already above Goldman's target and grinding toward the bull-case range, the print is now binary: confirm the trajectory or hand the profit-takers their excuse.

The Capex Tell

Underneath the analyst noise, Micron is pouring concrete. On June 10 it selected Bechtel as construction partner for the first phase of its Clay, New York memory complex — billed as the largest private investment in New York state history and eventually the biggest semiconductor plant in the country. It does nothing for the June 24 quarter, but it's the kind of multi-decade capex commitment you only make when you believe the shortage is structural rather than cyclical. For a name being repriced on multi-year supply visibility, that signal carries more weight than its timing suggests.