Wells Fargo Micron · MU

Wells Fargo Raises Micron Price Target to $470

Analyst: Aaron Rakers 1 min read Reproduced verbatim
Rating
Overweight
Target
$470
from $410 (+15%)
Outcome
Reached
on April 22, 2026
Wells Fargo and Micron logos

What the analyst said

Wells Fargo analyst Aaron Rakers raised the price target on Micron Technology (NASDAQ: MU) to $470.00 (from $410.00) while maintaining an Overweight rating.

“Reit OW into F2Q26 (3/18); increase ests & PT to $470 (was $410), ~9x CY27E P/E. We view set-up similar to last qtr – focus on HBM4 confidence, continued price inflation, LTA visibility, etc.

We now see peak EPS @ $50-$60/sh; $30-$40/sh thru-cycle.

HBM4: We expect MU to dismiss HBM4 competitive concerns (focus on NVDA Rubin cycle) – re-emphasize C1Q26 volume / yield ramp; 11Gbps pin speed + competitive positioning w/ in-house CMOS base die.

HBM4 mix crossover will be a focus looking into 2H; +20-30% ASPs uplift – note MU pulled forward its HBM4 volume ship ahead by a qtr (vs prior C2Q26) w/ all of CY26 allocated/sold – targeting ~15k wspm capacity by end of C2026 (30% of HBM output).

HBM4E sampling in 2H26 w/ volume target in 2027/2028.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

MU trades at $690. The 27 analysts who set a target in the last 3 months range from $1,200 to $3,000, with a median of $1,540. This $470 target is 69% below the median, the lowest on the Street.

Since the note MU has moved +65% (from $419). 12-month window: day 240 of 365, closes on March 12, 2027.

Track record

This call✓ Target reached on April 22, 2026, 41 days after the note.

Firm track recordWells Fargo: 65% of its 34 targets at least a year old were reached within 12 months (#21 of 26 firms); on Micron, 4 of 4. Accuracy ranking →

Wells Fargo on Micron

Wells Fargo price targets on Micron

8 calls from June 26, 2025 to June 25, 2026. The target went from $170 to $1,525 (+797%). The rating stayed Buy.

Wells Fargo targetMU share price
  1. June 25, 2026Target raised from $550 (+177%)Buy$1,525
  2. March 19, 2026Target raised from $470 (+17%)Buy$550
  3. March 12, 2026 This noteTarget raised from $410 (+15%)Buy$470
  4. January 15, 2026Target raised from $335 (+22%)Buy$410
  5. December 18, 2025Target raised from $300 (+12%)Buy$335
  6. November 7, 2025Target raised from $220 (+36%)Buy$300
  7. September 24, 2025Target raised from $170 (+29%)Buy$220
  8. June 26, 2025Earliest call shownBuy$170
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Other analysts on Micron

Bank of AmericaBuy Kept rating Oct 26 DA DavidsonBuy Kept rating and price target Oct 22 $3,000maintained CantorBuy Kept rating and price target Oct 20 $2,000maintained DA DavidsonBuy Raised price target +43%, kept rating Oct 7 $3,000from $2,100 BairdBuy Kept rating and price target Oct 2 $1,520maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.