Motley Fool contributor Harsh Chauhan says Micron shares could double within two years, citing AI-related memory shortages and rising earnings. His scenario values the stock at $3,572 if fiscal 2028 EPS reaches $178.59 and shares trade at 20 times earnings.
Micron shares had already more than tripled this year. The article says analysts’ 12-month median price target was $1,600, 46% above then-current levels, and almost all covering analysts rated the stock a buy. Ahead of Micron’s Sept. 30 fiscal 2026 fourth-quarter results, analysts expected full-year revenue of $129.9 billion, up 247%, and EPS of $73.52, up 787%.
The thesis centers on AI data-center demand and high-bandwidth memory (HBM), used in AI accelerator chips. HBM uses three times the wafer capacity of conventional DRAM; Bank of America projected demand for it would increase sevenfold by 2030. TrendForce projected memory-market revenue would nearly quadruple in 2026 to $889 billion and rise 44% in 2028 to $1.28 trillion. Counterpoint Research estimated shortages would persist at least until 2028, while Citi expected the bottleneck to continue until 2031.
