Micron (MU) Shares Decline 6% After Record High; Analysts Maintain Bullish Outlook

Micron Technology (MU) shares declined 6.2% to $1,023.98 on June 16, 2026, retreating from an all-time high set the previous day. The drop occurred amid a broader sell-off in semiconductor stocks, though Wall Street analysts continue to raise price targets, citing robust demand for high-bandwidth memory (HBM) driven by artificial intelligence. Micron stock had surged 11% on June 15, 2026, closing at $1,087.99 for its 34th record close this year, contributing to an over 800% gain in the past 12 months. This re-evaluation stems from expectations that AI-fueled demand for HBM and long-term supply contracts will extend the memory industry's profitability beyond traditional cycles. Analysts from TD Cowen and Cantor Fitzgerald recently increased their price targets for Micron to $1,500, suggesting approximately 40% upside from current levels. Melius Research analyst Ben Reitzes set a more conservative $1,100 target but projects $150 in earnings per share by 2027, anticipating sustained high gross margins and potential share buybacks. Micron is scheduled to report its latest quarterly earnings after market close on June 24, 2026.