Micron (MU) Stock Drops 8% Amid Geopolitical Tensions and Memory Market Concerns
Micron Technology's stock fell sharply by 8% on Tuesday, extending a five-day decline of roughly 11%. The drop reflects broader market jitters fueled by U.S.-Iran tensions, compounded by sector-specific worries about high-bandwidth memory competition and potential oversupply in memory chips.
Wall Street maintains a bullish stance, with UBS raising its price target to $475 and Stifel Nicolaus setting the highest target at $550. The consensus "Strong Buy" rating is backed by 26 Buys and two Holds over the past three months. Analysts project a 10% upside to the average price target of $417.81.
Investors now await Micron's Q2 FY26 earnings report on March 18, with expectations of $8.52 EPS on $18.85 billion revenue. The stock's recent pullback from its $455.50 peak presents a potential entry point for long-term believers in memory market cyclicality.
