Micron Stock (MU) Jumps Ahead of Earnings; Here’s What Goldman Sachs Predicts

**Micron (**NASDAQ:MU) shares are up ~5% in Friday’s trading session as investors position ahead of the company’s upcoming earnings report, scheduled for next Wednesday (March 18). With expectations building around the state of the memory market, many appear willing to bet that the results could deliver another positive signal about demand across the semiconductor industry.

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The memory specialist has had a spectacular run over the past year (shares are up 348%), benefiting from AI workloads’ growing need for memory and from a sharp imbalance in supply and demand, which has sent memory prices soaring.

As such, heading into the print, Goldman Sachs analyst James Schneider believes investor expectations are “significantly elevated,” with the market anticipating Micron will “continue benefiting from robust DRAM pricing trends.”

“We believe investors expect the company to maintain or expand its current share level in HBM (~20%), with pricing tailwinds from conventional DRAM applications driving additional growth,” the 5-star analyst opined.

For his part, Schneider remains upbeat. With pricing momentum still intact, the analyst expects Micron to deliver “strong upside” relative to Street estimates, while also leaving room for upward revisions to forecasts for the May quarter.

Schneider believes Micron will post revenue roughly 4% above Street estimates and guide for solid quarter-over-quarter growth, driven almost entirely by pricing strength. For the February quarter, the analyst expects revenue, gross margin, and adj. EPS of $19.7 billion, 71.0%, and $9.33, respectively, compared with Street estimates of $19.0 billion, 68.6%, and $8.59. Looking ahead to the May quarter, Schneider forecasts revenue, gross margin, and adj. EPS of $23.5 billion, 74.8%, and $11.95, vs. Street expectations of $21.6 billion, 70.9%, and $10.08. For calendar year 2026, his revenue and EPS forecasts sit about 5% and 10% above consensus.

As for key topics on the call that could influence the stock, the sustainability of pricing strength will be in focus, with investors looking for insights on whether the current DRAM pricing upcycle can continue over the next few quarters. The HBM roadmap should also draw attention, with Schneider expecting the company to discuss its near-term share targets in HBM and provide details on the ramp-up of HBM4 shipments with major customers. Lastly, any additional commentary on expected gross margin trends will be key.

Following the earnings release, Schneider expects discussion around the stock to remain largely focused on whether DRAM pricing strength can be sustained.

“We believe any future commentary regarding HBM progress and corresponding share targets will be in focus,” he summed up.

Interestingly, despite forecasting results above consensus, Schneider still rates Micron shares as Neutral and assigns a $360 price target, implying ~14% downside from current levels – a view that largely stems from the stock’s meteoric run over the past year. (To watch Schneider’s track record, click here)

Schneider’s view, however, stands in stark contrast to the broader Street. All 26 other recent analyst reviews on Micron are positive, giving the stock a Strong Buy consensus rating. Based on the $448.07 average price target, analysts see shares climbing ~6% higher over the coming year. (See Micron stock forecast)

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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