Bank of America Insanely Bullish on Micron. Sees Shares Rising 83% From Here.

Bank of America says Micron Technology (NASDAQ:MU) is going to $1,550, a telephone that implies astir 83% upside from the stock's $848.95 adjacent connected July 17, 2026. Investors should corroborate the terms intraday, since the representation sanction has been moving accelerated successful some directions.

Who Is Making the Call

BofA expert Vivek Arya lifted his terms nonsubjective to $1,550 from $1,500 and reiterated a Buy rating, citing "another memorable beat." Arya has besides framed the caller spot pullback arsenic a "summer reset" alternatively than a cardinal reversal. He is not alone. TD Cowen has besides moved to $1,500, and the Street statement people sits astatine $1,491.95, with 31 Buy and 9 Strong Buy ratings against a azygous Strong Sell.

The Numbers Behind the Target

Micron's fiscal Q3 2026 study gave the bulls plentifulness of ammunition. Revenue landed astatine $41.46 billion, up 345.72% twelvemonth implicit twelvemonth from $9.30 billion. GAAP nett income was $28.24 billion, up 1,398.3%. Non-GAAP gross borderline deed 84.9% (GAAP 84.6%, up from 37.7% a twelvemonth ago), and non-GAAP diluted EPS of $25.11 topped the $20.28 statement by 23.79%, the eighth consecutive quarterly beat.

Cloud Memory generated $13.77 billion, with Core Data Center and Mobile and Client each astatine $11.52 cardinal and Automotive and Embedded astatine $4.63 billion.

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The Structural AI Thesis

BofA argues representation chips, particularly high-bandwidth representation (HBM) for AI accelerators, are shifting from a cyclical commodity into a semipermanent AI theme. The steadfast raised its planetary semiconductor income forecast to $2.7 trillion by 2030, up from $2.3 trillion, and projects the HBM marketplace could scope astir $246 cardinal by 2030, up from astir $35 billion. Micron has signed 16 multi-year Strategic Customer Agreements that fastener successful pricing visibility, including a caller supply-and-investment concern with Anthropic announced successful June 2026.