New York, March 2, 2026, 16:18 EST — After-hours
Micron Technology shares were little changed in late trading on Monday after UBS raised its price target on the U.S. memory-chip maker, leaning on signs that chip supply is staying tight. The stock was last up about 0.1% at $412.65 after swinging between $408.17 and $414.10 during the session.
The call now is less about a single headline and more about time. Investors are trying to work out whether the latest run in memory prices can last long enough to carry earnings through 2026, not just a quarter or two.
That matters because Micron sits in the middle of the AI hardware build-out. If demand for server memory cools, or new supply arrives faster than expected, the stock’s high expectations can deflate quickly.
UBS analyst Timothy Arcuri lifted his price target on Micron to $475 from $450 and kept a Buy rating, arguing that “industry checks point to strengthening pricing dynamics” in both DRAM and NAND. DRAM is the main working memory in servers and PCs, while NAND is the flash memory used in storage. 1
Goldman Sachs, in a separate note, reiterated a Neutral rating and kept a $360 target, flagging that investors will keep focusing on the depth of undersupply in DRAM and NAND and how long pricing gains can hold. The bank also pointed to scrutiny around Micron’s progress in high-bandwidth memory, or HBM — stacked DRAM used in AI accelerators — and the pace of supply additions across Micron and rivals through 2027. 2
Some of the day’s tone came from outside Micron. Morgan Stanley reinstated Nvidia as its top semiconductor pick, replacing Micron, in a move that highlights the tug-of-war between betting on processors versus betting on memory as the cleaner AI trade. “We somewhat disagree” with the view that memory stocks are pricing in a longer and more durable cycle than processors, analyst Joseph Moore wrote. 3
Micron’s setup into Tuesday is fairly simple: traders want to see whether the stock can hold its range as analysts debate how far pricing can run, and whether AI-linked orders keep pulling supply forward.
But the risk is obvious. Memory cycles can turn fast; if equipment arrives sooner, if big buyers push out deliveries, or if pricing momentum stalls, Micron’s earnings leverage cuts the other way.
The next hard catalyst is close enough to shape positioning. Micron is scheduled to report fiscal second-quarter results on March 18 and host a conference call at 2:30 p.m. Mountain time, when investors expect a clearer read on pricing, supply constraints and demand tied to AI and data centers. 4
