Micron Technology dropped 15.81% in a single session, closing at $669.51 following a broader chip sector selloff, as 24/7 Wall St. reported a price target of $913.86.
Micron Shares Trade Near $669.51 with Potential Upside
- Micron shares trade near $669.51, reflecting a 36.5% potential upside from the 24/7 Wall St. price target of $913.86.
- Management guided fiscal Q1 2027 revenue to $61.5 billion with non-GAAP earnings per share at $38.15.
- A share repurchase program authorized at $35.16 billion is scheduled to begin on December 9.
Valuation Pressures Amid Sector Retracement
Thursday’s session knocked Micron Technology (NASDAQ: MU) down sharply, extending a multi-week pullback that has pushed the memory maker 46.6% below its 52-week high of $1,254.61 set in June. Despite the downward momentum, 24/7 Wall St. maintained a buy rating on the stock with a 90% confidence level.
The correction has not been isolated to Micron. Declines also hit NVIDIA (NASDAQ: NVDA), Intel (NASDAQ: INTC), and SanDisk (NASDAQ: SNDK) as investors reevaluated valuations across artificial intelligence infrastructure. Syracuse.com noted that broader stock indices slipped following election results, amplifying the downward pressure on high-flying semiconductor equities.
| Company | Trailing P/E | Latest Quarter Revenue Growth |
|---|---|---|
| Micron | 9x | Not available |
| NVIDIA | 37x | Not available |
| Western Digital | 9x | 55.5% |
Stronger Demand Drivers Support Shipments and Revenue Beats
Fundamentals contrast sharply with the recent share price erosion. On the post-earnings call, President and Chief Operating Officer Manish Bhatia stated, We are seeing stronger demand drivers than we’ve seen before.
Bhatia added, As we’ve gone through working on our fiscal year ’27, we commented that we have more than 75% of our shipments committed for the year.
Fiscal Q4 revenue landed at $54.23 billion, easily besting the $50.97 billion consensus estimate.
Further supporting capital return plans, Yahoo Finance reported that a $35.16 billion share repurchase program will commence on December 9. Meanwhile, competing storage providers like Seagate Technology (NASDAQ: STX) and Western Digital (NASDAQ: WDC) reported strong quarterly revenue gains of 61% and 55.5% respectively, underscoring persistent enterprise demand for high-capacity data center components.
Technical Channels and Upcoming Catalysts
Technical strategists note that the current correction is testing key moving averages within a descending channel that has governed the stock since its summer peak.
Longer-term projections from 24/7 Wall St. place the 2027 price target at $1,014.94, scaling to $1,390.32 by 2030, assuming execution of current supply agreements holds firm. The upcoming buyback deployment on December 9 will serve as a liquidity test for Micron as institutional buyers evaluate market conditions.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
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