One of the market’s hottest stocks is set to report quarterly financial results with Micron Technology (NASDAQ:MU), scheduled to release third-quarter financials on Wednesday after market close.
Here are the earnings estimates, analyst expectations and key items to watch.
Micron Q3 Earnings Estimates
Analysts expect Micron to report third-quarter revenue of $35.01 billion, up from $9.3 billion in the year-ago quarter, according to Benzinga Pro.
The company has topped revenue estimates for five consecutive quarters and nine of the past 10 quarters.
Analysts expect third-quarter earnings per share of $20.20, compared with $1.91 in the year-ago period.
Micron has beaten EPS estimates for nine straight quarters.
What Experts Are Saying
Freedom Capital Markets Chief Market Strategist Jay Woods is out with caution for investors ahead of Micron’s report, given past trends.
"While they have consistently beaten and raised, by the time they report the gains have been baked into the stock," Woods said in a weekly newsletter.
Woods highlights that Micron stock has traded lower after six of the company’s last eight earnings report with an average decline of 6.5%. The two gains were 10.2% and 14.7%, which lead to an implied one-day volatility of +/- 11%.
"Either way, it will likely be volatile."
Woods said investors should look to see if demand for high-bandwidth memory has continued to accelerate and if supply is tight.
"Any signs of weakening AI orders, oversupply concerns, or softer pricing could reignite fears that this is still a classic boom-and-bust memory cycle. HBM is the growth story, but guidance is the stock story."
Looking at the stock technicals, Woods cautions that shares are over-extended.
"Given reaction to past stellar earnings reports and extreme overbought conditions, it would be prudent to take profits."
Woods said investors may want to look for a pullback to the rising 20-day moving average of $955 to get back into or enter the stock.
Here are recent analyst ratings on Micron stock and their price targets:
- Bank of America: Maintained Buy rating, raised price target from $950 to $1,500
- Needham: Maintained Buy rating, raised price target from $500 to $1,550
- Rosenblatt: Maintained Buy rating, raised price target from $600 to $1,200
- Stifel: Maintained Buy rating, raised price target from $550 to $1,500
- Wedbush: Maintained Outperform rating, raised price target from $550 to $1,300
Key Items to Watch
As mentioned by Woods, Micron will likely need to show continued strong demand for HBM and supply shortages helping boost prices.
The semiconductor company recently deepened its relationship with Anthropic with a supply agreement and investment in the private AI company. The memory and storage products supply deal could indicate that Micron is still seeing strong demand from AI companies.
In the second quarter, Micron reported new records for revenue, earnings per share, gross margins and several other metrics. The same is expected in the third quarter.
Most analysts and investors are expecting the company to beat estimates and raise guidance. Failure to do either of these items could see shares trade down and take a breather during the latest rally.
Micron’s earnings could put pressure on several of the largest market indexes and ETFs, with the stock the eighth-largest holding in the SPDR S&P 500 ETF Trust (NYSE:SPY) and the fourth-largest holding in the Invesco QQQ Trust (NASDAQ:QQQ).
Price Action
Micron is down 10.6% to $1,083.08 on Tuesday versus a 52-week trading range of $103.38 to $1,213.56. The company’s stock price is up 243% year-to-date in 2026 and up over 785% over the last 52 weeks.
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