Micron’s Blowout Earnings Trigger Street-High $500 Price Target Amid Memory Chip Boom

Rosenblatt Securities analyst Kevin Cassidy made waves by raising Micron Technology's price target to $500—a street-high projection implying over 100% upside. The bullish revision follows Micron's staggering Q1 earnings beat, with $4.78 per share outpacing the $3.96 consensus and revenue surging 56.6% year-over-year to $13.64 billion.

Memory chip demand is outstripping supply, evidenced by Micron's sold-out 2026 HBM (High Bandwidth Memory) capacity and record quarterly HBM revenue. The company now forecasts a 68% non-GAAP gross margin for Q2, obliterating Wall Street's 52.1% estimate. Fiscal 2026 capex was increased to $20 billion as tight conditions persist.

Cassidy—ranked among the top 2% of analysts—backs his call with a 21.10% average return track record. The semiconductor sector's momentum mirrors crypto's infrastructure growth, where demand for high-performance computing components intersects with blockchain scaling solutions.