Wells Fargo Micron · MU

Wells Fargo Reiterates Overweight on Micron, $1,525 Price Target

Analyst: Aaron Rakers 1 min read Reproduced verbatim
Rating
Overweight
Unchanged
Target
$1,525
Unchanged
Upside
+132%
MU at $656 today
Wells Fargo and Micron logos

What the analyst said

Wells Fargo Securities analyst Aaron Rakers reiterated an Overweight rating and $1,525 price target on Micron Technology (NASDAQ: MU) on July 6, 2026.

“This morning Micron announced a new long-term supply agreement (SCA) with Ford Motor Company.

The press release highlights the inclusion of advanced DRAM production out of the company’s Manassas, VA fab.

The press release notes that this agreement was included in the 16 SCAs the company had discussed during its recent F3Q26 earnings.

We believe this highlights the breadth of MU’s SCA engagements; extending across the company’s customer base / segments.

Micron’s Auto & Embedded Business Unit (AEBU) accounted for ~11% of the company’s F3Q26 revenue and ~10% of the company’s total operating income.

MU’s AEBU GM% stood at 79.0% during F3Q26.

As a reminder, we believe Micron is the leading memory vendor in the automotive market.

During the company’s F3Q26 earnings call, MU highlighted that it sees robust long-term demand in the automotive segment; auto segment generally having 3-year terms.

The company highlighted that average auto memory + storage content for L2+ autonomy is over 5x the content w/in average vehicles; L2+ vehicles expected to expand to over 20% this year and 40% by 2030.”

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Where the price stands

MU trades at $656. 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 $1,525 target is 1% below the median.

Since the note MU has moved −33% (from $976). 12-month window: day 122 of 365, closes on July 6, 2027.

Track record

This callOpen: MU has not reached $1,525 yet. This 12-month target is scored on June 25, 2027. Same target as this firm’s June 25, 2026 note, so it is scored there.

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 December 18, 2025 to October 1, 2026. The target went from $335 to $1,400 (+318%). The rating stayed Buy.

Wells Fargo targetMU share price
  1. October 1, 2026Kept the $1,400 targetBuy$1,400
  2. September 23, 2026Target cut from $1,525 (−8%)Buy$1,400
  3. July 6, 2026 This noteKept the $1,525 targetBuy$1,525
  4. June 25, 2026Target raised from $550 (+177%)Buy$1,525
  5. March 19, 2026Target raised from $470 (+17%)Buy$550
  6. March 12, 2026Target raised from $410 (+15%)Buy$470
  7. January 15, 2026Target raised from $335 (+22%)Buy$410
  8. December 18, 2025Earliest call shownBuy$335
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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.