Micron (MU) Is About to Report its Q2 Earnings. Here’s What to Expect from This Memory Chip Stock

Memory chip maker Micron Technology MU +5.13% ▲ is set to report its Q2 FY26 earnings results on Wednesday, March 18. The stock has already surged about 42% so far this year, helped by strong demand for memory chips used in artificial intelligence, rising memory prices and tight supply. Wall Street expects Micron to report Q2 FY26 earnings per share (EPS) of $8.74, indicating a massive 460% year-over-year growth.

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Meanwhile, revenue is expected to rise 136% to $19.03 billion. The solid growth estimates reflect the strong demand for high-bandwidth memory (HBM) and DRAM solutions in data centers.

Recent Events Ahead of Q2

Recently, Micron announced that it has completed the purchase of the P5 chip plant from Powerchip Semiconductor Manufacturing Corporation in Tongluo, Miaoli County, Taiwan. The deal was first announced in January 2026.

The site has about 300,000 square feet of cleanroom space for making advanced chips. Micron plans to upgrade the facility and use it to produce DRAM and high-bandwidth memory (HBM) chips, with shipments expected to start in fiscal 2028.

Analysts’ Views Ahead of Micron’s Q2 Earnings

Ahead of earnings, Matthew S. Bryson of Wedbush Securities raised his price target on Micron to $500 from $320 and kept an Outperform rating. The 5-star analyst said Micron’s earnings outlook continues to improve, while the stock still trades below what he sees as typical peak valuations for memory companies. Because of this, he remains positive on Micron and the broader memory chip industry.

Likewise, Aaron Rakers of Wells Fargo reiterated a Buy rating on Micron and raised his price target to $470 from $410. He expects Micron’s fiscal Q2 setup to look similar to last quarter, with investors focused on strong demand for HBM4, rising memory prices, and visibility from long-term supply deals. He now sees peak earnings reaching $50 to $60 per share, with longer-term earnings power of $30 to $40 per share. Rakers also expects Micron to address competition concerns around HBM4 tied to Nvidia’s NVDA -1.58% ▼ upcoming Rubin cycle.

Here’s What Options Traders Anticipate

Using TipRanks’ Options Tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options Tool does this for you.

According to TipRanks’ Options Tool, options traders expect about a 10.61% move in either direction in MU stock in reaction to Q2 FY26 earnings.

Is Micron a Good Stock to Buy?

Micron stock has a consensus Strong Buy rating among 27 Wall Street analysts. That rating is based on 26 Buy and one Hold recommendations assigned in the last three months. The average MU price target of $448.07 implies 5.15% upside from current levels.

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