Micron Likely to Report Upbeat Quarterly Earnings Amid Favorable Memory Pricing Trends, Wedbush Says

08:58 AM EDT, 09/28/2026 (MT Newswires) -- Micron Technology (MU) is likely to report strong fiscal fourth-quarter earnings amid favorable memory pricing trends, Wedbush Securities said in a Monday client note. The brokerage estimates that pricing for standard DRAM, the main working memory in servers and PCs, was up close to triple digits in the second quarter of the 2026 calendar year, while NAND flash, the storage memory used in solid-state drives, rose by high double digits. Wedbush expects June's memory price increases alone to lift Micron's fiscal fourth-quarter average selling prices by 20% to 30%. Pricing in the 2026 calendar third quarter is up roughly 20% to 30% for both memory categories, the brokerage added. Wedbush estimates the semiconductor manufacturer's per-share earnings could reach as high as the mid-$30s due to favorable pricing dynamics. The current consensus on FactSet is for EPS of $31.58. In June, Micron said it expected adjusted EPS of $31, plus or minus $1, for the fourth quarter. The company is scheduled to release its latest financial results after the markets close Wednesday. "While we are bumping up our estimates just above the high end of the company's prior guidance, we believe memory (pricing) trends suggest room for further upside," Wedbush analyst Matt Bryson wrote in the note. The brokerage reiterated its outperform rating on Micron's stock, with a price target of $1,400. The brokerage forecasts NAND and DRAM contract pricing in the 2026 calendar fourth quarter to rise by 10% to 20%. This could result in a mid-single-digit to high-single-digit price appreciation for Micron, assuming that about 50% of pricing is tied up by long-term supply agreements, Wedbush said. Bryson expects Micron's guidance to imply earnings power in the mid-$30s per share, even if management offers a more modest outlook with a "significant cushion should conditions change." Wedbush also expects Micron's latest financial results to have positive implications for peer companies including SanDisk (SNDK) and South Korean chipmaker SK Hynix (SKHY). Last month, Nvidia (NVDA) reported fiscal second-quarter results above Wall Street expectations amid record data center sales and provided an upbeat third-quarter revenue outlook. In July, Intel (INTC) posted better-than-expected second-quarter results.