Is Micron Getting Toppy? Not According to These Pros Who See Even More Upside Ahead

Since the new year began, shares of memory juggernaut Micron (NASDAQ:MU | MU Price Prediction) have started to look toppy, with shares falling into two separate corrections (of around 13-15%) in the first quarter. Despite the increased turbulence, though, the stock remains one of the biggest winners on Wall Street of 2026, now up 28% year to date. When you consider the parabolic move from last year, such increased volatility might be a sign that it’s time to book profits and move on before those sweet, steep gains are given back. Undoubtedly, the DRAM (dynamic random access memory) boom is already priced in and then some.

With the easy money now already made, heightened volatility, and growing valuation concerns, does it still make sense to stay the course with the name? And for new investors looking to recent choppiness as an opportunity, does it still make sense to buy after an explosive upward move?

With shares going for more than 38.0 times trailing price-to-earnings (P/E), I’m personally in no rush to chase the stock, especially with quarterly earnings just under a week away. That said, some big-name analysts have been bold enough to stay in the bull camp. And that’s despite the hot, seemingly overheated run, the relatively stretched multiple, and uncertainties clouding the future of AI.

Citi just hiked its Micron price target. That’s a big vote of confidence

Notably, Citi analysts raised the bar on their price target (and buy rating), hiking it by $45.00 to $430.00 per share. That’s a modest hike that entails a 7% or so gain from these levels. Not much of an expected return given the risks that investors will need to take on, at least in my view. Still, Citi backed up its upgrade and reaffirmed its buy recommendation with some pretty strong points. Notably, they don’t think the memory upcycle might have more room to run.

Though Citi’s remarks are some of the most recent from the analyst community, their price target is hardly the highest. A number of sell-side analysts see the stock rising well above $500 per share. The current Street-high target is actually at $650 per share, suggesting more substantial gains north of 60% could be in the cards. 

Undoubtedly, if such a price target is more than just a pipe dream, a majority of analysts must still be underestimating the earnings and the length of the boom in memory prices. With price increases for high-bandwidth memory giving firms like Micron a nice shot in the arm, perhaps some of the biggest bulls, like Aletheia Capital, are right to pound the table on the stock despite the recent choppiness (and potential perception of toppiness) in the shares.

Agentic AI is memory-hungry, and it might still be underestimated

If the agentic AI wave really is upon us, perhaps the rest of the analyst crowd could follow Aletheia’s lead with huge upside revisions if it’s proven that AI demand is, in fact, still being underestimated. Agents are memory-hungry, and if they are ready to take off, perhaps the great DRAM and NAND capacity constraints could last for longer than expected, perhaps as far out as 2028.

Of course, Warren Lau of Aletheia recognizes that things could get painful for those who buy at the peak of a memory cycle. Still, if the AI boom is different, perhaps the memory makers’ history of violent implosions might be a source of a discount. Either way, I think there’s a reasonable chance that Aletheia might be right to be so bullish on Micron.

Sure, the stakes are high, but given the momentum we’ve seen behind AI agents of late, with Claude Cowork and Microsoft (NASDAQ:MSFT) Copilot Cowork kicking off an agentic race in the enterprise, perhaps Micron memory could be in short supply for far longer, even as global memory players do their best to help the supply side catch up.