Prediction: Micron Stock Will Skyrocket After June 24

Even with a recent pullback, Micron Technology's (NASDAQ: MU) stock remains sizzling hot. Shares of the memory chipmaker have soared roughly 750% over the past 12 months. Micron is up more than 250% year to date, ranking it No. 4 among top performers in the S&P 500 (SNPINDEX: ^GSPC).

Can this high-flying stock's momentum continue? Probably. I predict that Micron's stock will skyrocket after the company reports its third-quarter earnings on June 24.

Image source: Micron Technology.

The numbers behind the prediction

Micron has set new quarterly revenue records for four consecutive quarters. It will almost certainly do so again with its Q3 results. The company projects Q3 revenue of $33.5 billion, roughly 3.6 times its revenue in the prior-year period and a 40% increase from the previous quarter.

Analysts are even more optimistic. The consensus Wall Street Q3 revenue estimate is $34.5 billion, roughly 270% higher than Micron's revenue in the same period in 2025.

Micron's Q3 earnings should also be spectacular. The company expects adjusted earnings per share (EPS) of $19.15 at the midpoint of its guidance range. Wall Street looks for adjusted EPS of $19.72. To put those numbers in context, Micron posted adjusted EPS of only $1.91 for the third quarter of 2025.

Will Micron be able to top these lofty estimates? I think so. The company has beaten consensus earnings expectations in eight of the past nine quarters. Its business is in the strongest position it has ever been in. Micron's 2026 high-bandwidth memory (HBM) supply is entirely sold out. Management says that demand is so great that the company can "fulfill only 50% to two-thirds" of memory orders for key customers.

There's one other key indicator that boosts my confidence that Micron's stock will take off after its Q3 update: Analysts are raising their price targets on the stock. As a case in point, TD Cowen (NYSE: TD) increased its 12-month price target for Micron last week from $660 to $1500.

What could go wrong

Admittedly, my prediction could be a bust. Several things could go wrong and prevent Micron's shares from skyrocketing after June 24. If the company delivered disappointing Q3 results, its stock will almost certainly sink. If management gives any reason to suspect that demand will soften in the near term, expect a sell-off.

Micron remains a cyclical stock, as it always has been. However, I think the current exceptionally strong up cycle still has plenty of room to run. And so does Micron's stock.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.