Micron Technology (NASDAQ: MU) has a major event coming up in a few days: its Q4 earnings for the fiscal year (FY) 2026. The last few times Micron has reported, it has announced some incredible results, and I expect this time to be no different. However, it's all part of a broader trend: Micron is a top-notch investment in the artificial intelligence (AI) arms race.

Investors are eagerly awaiting Micron Technology’s fiscal fourth-quarter earnings on September 30 to see whether the memory chip company continues to enjoy solid demand and pricing tailwinds. Ahead of Q4 FY26 earnings, BMO Capital analyst reiterated a Buy rating on MU stock with a price target of $1,300. The analyst is bullish on Micron, as he believes that “memory remains in a supercycle as demand trends continue to exceed supply through CY27.”

Kumar ranks No. 9 among more than 12,500 analysts tracked on TipRanks. He has a 74% success rate, with an average return per rating of 46.9% over a one-year period.

Kumar raised his Q4 FY26 revenue estimate by $2 billion. He also increased his full-year FY27 revenue and EPS estimates to $268 billion and $168.62, respectively, from $249 billion and $151.91. Kumar doesn’t expect any new significant memory supply to arrive until the second half of 2027.

Meanwhile, Kumar expects HBM and DDR5 to drive Q4 FY26 results, with BMO’s checks indicating server DDR5 pricing offering the greater upside surprise. The analyst noted that both HBM3e and HBM4 likely saw a sequential rise in pricing, while client and consumer memory saw weaker demand.

For Q1 FY27, Kumar expects . He sees HBM3e and HBM4 prices rising modestly under annual pricing contracts. While server DDR5 pricing continues to offer the greater potential for upside surprises, Kumar expects demand to shift towards HBM4. Kumar highlighted that, as per his checks, HBM4 carries about a 20% to 25% price premium compared to HBM3e. As the product mix shifts toward HBM4, Kumar expects the average selling price (ASP) to move higher.

Meanwhile, Wall Street expects Micron to report , up from $3.03 in the prior-year quarter. Revenue is projected to surge about 351% to $51.07 billion.

Is Micron Stock a Good Buy?

With 20 Buys and one Hold, Wall Street has a Strong Buy consensus rating on Micron Technology stock. The average of $1,526.75 indicates 41.2% upside potential.