Micron slips as Goldman flags high expectations for June 24

Micron Technology shares slipped 1.43% on Friday after Goldman Sachs raised its price target on the memory-chip maker to $900 while maintaining a Neutral rating, noting elevated investor expectations ahead of the company’s June 24 earnings report.

Goldman Sachs analyst James Schneider raised the target from $400 to $900 and cited heavy investor positioning after a rapid run-up in the stock. Schneider wrote, “We believe investor positioning remains very bullish given the dramatic share price run-up and optimism around the potential impact of long-term customer agreements.” The new target is based on an 18-times multiple of a normalized earnings-per-share estimate of $50. Schneider projects Micron’s earnings could peak at $138.86 per share in fiscal 2027.

Analysts expect the June 24 results to show a sharp year-over-year rise in profits and sales driven by demand for AI-related memory products. Consensus estimates forecast earnings of $19.46 per share for the quarter, up from $1.91 a year earlier, and revenue of $34.07 billion versus $9.30 billion in the prior-year period. Market attention is focused on demand for high-bandwidth memory (HBM) used in AI systems and on DRAM pricing trends.

Despite Friday’s decline, Micron’s stock has gained about 15% over the past five trading sessions. FactSet data cited in the Goldman note showed Micron trading at roughly 10.2 times forward earnings, compared with about 24.8 times for the Nasdaq Composite.

Technical indicators show the stock trading roughly 12.2% above its 20-day simple moving average and about 162.5% above its 200-day average. The 20-day average sits above the 50-day, and the 50-day is above the 200-day. The MACD indicator remained below its signal line, indicating upside momentum had weakened. The next major resistance level was identified near $1,089.50, close to Micron’s 52-week high.

Investors and analysts will look for commentary on HBM demand, DRAM pricing and any progress on long-term customer agreements when Micron reports results on June 24.