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Goldman Sachs on Micron (MU): Another Strong Quarter Expected — Neutral, $1,100 TP

Posted on by Eben@CANSLIM Research
Eben@CANSLIM Research's avatarEben@CANSLIM Research

Goldman Sachs expects Micron Technology Inc. (MU) to report another strong quarter, forecasting roughly 3% upside to Street revenue and low-teens quarter-on-quarter growth guidance for the November period. The broker carries a Neutral rating and a 12-month price target of $1,100, implying 12.5% upside from the $977.41 close on 10 September 2026. Investors are expected to focus on new Strategic Customer Agreements, capital return plans and HBM4 product trends.

Key Takeaways

  • Goldman Sachs rates Micron Technology Inc. (MU) Neutral with a $1,100 price target, based on an 18x multiple on a normalised EPS estimate of $62.00.
  • Goldman forecasts MU quarterly revenue of $51.9bn, gross margin of 87.3% and EPS of $32.54, versus Street estimates of $50.5bn, 87.0% and $31.40 — about 3% revenue upside.
  • For the November quarter, Goldman models revenue of $57.7bn, gross margin of 88.1% and EPS of $37.06, against Street at $56.7bn, 87.5% and $35.25.
  • Goldman’s CY26 revenue and EPS estimates sit 1% and 3% above the Street, with CY27 EPS of $170.70 versus consensus of $163.63.
  • Micron’s HBM share is expected to hold or expand from roughly 20%, with new SCAs, buyback commentary post-CHIPS restrictions and HBM4/HBM4E progress flagged as the key call catalysts.

What Goldman Sachs Said in Its Micron 4Q Preview

In a report titled “Micron Technology Inc. (MU): 4Q Preview: Expect another strong quarter as tight conditions persist, with capital returns in focus,” Goldman Sachs analysts James Schneider, Khalil Fenina, Anmol Makkar, Luya You and Marshall Wong argue that persistent supply/demand tightness in DRAM and NAND should deliver another quarter of upside to both Street and company guidance. The note, dated 11 September 2026, says investor positioning is positively biased, tempered by concerns over longer-term supply additions from competitors, particularly in China.

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