Q3 Results Proved That the Stars Are Aligned for Micron Stock Pathikrit Bose Sun, June 28, 2026 at 7:00 AM PDT 7 min read MU GOOGL NVDA SPCX In different points of the market, investors find their new favorites. While in recent years it has been Nvidia (NVDA) or Alphabet (GOOGL) (GOOG), the wider AI trade has anointed a new darling: Micron (MU). Undoubtedly, with a rally of 296.74% year-to-date (YTD), shares of the memory chip major have been a massive hit with investors. In fact, the hype around the company was eclipsed only by those who were not even listed on the exchanges, like SpaceX (SPCX), OpenAI, and Anthropic. www.barchart.com Now, following a sensational set of numbers for its fiscal Q3, leading brokerages on Wall Street are reinforcing their bullish views about the company. One of them is the reputed broker, Stifel. More News from Barchart Billionaire Mark Cuban Asks If AI 'Collapses' And Data Centers Turn Into 'Chuck E Cheeses,' Would That 'Create A Revival Of Jobs?' As Trump Doubles Down on Quantum Computing, This Is the Top-Performing Stock to Buy YTD Why Verizon, AT&T, and T-Mobile Should Be Terrified of Elon Musk's Next Move Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Reiterating its "Buy" rating and a price target of $1,500 for MU stock, analysts led by Brian Chin at the firm said, "Even more impressive are the terms, with committed volumes but also a favorable pricing structure designed to keep ASP/bit (and GMs) within prescribed, historically high ranges. Micron expects 50%+ of revenue to be covered under SCAs, in our view a best-of-both-worlds blend of fixed and floating ASP [average selling price] exposure." So, should investors heed Stifel's case for Micron and add to the stock? Or has the rally left no room for new investors to enjoy another round of substantial upside on the stock? Q3: Strength Beyond The Numbers Micron's results for its fiscal Q3 2026 had all the usual hallmarks of a solid company, including a double beat on both revenue and earnings. Revenues for the quarter came in at $41.46 billion, up a remarkable 346% from the previous year, as gross margins more than doubled to a heady 84.9% from 39% in the year-ago period. Unsurprisingly, all the major revenue segments reflected this growth. With revenues of $13.8 billion, $11.5 billion, $11.5 billion, and $4.6 billion, the cloud, data center, mobile, and automotive segments witnessed strong year-over-year (YOY) growth rates of 306%, 667%, 248.5%, and 318.2% with gross margins of 58%, 38%, 24%, and 26%, respectively. Thus, the company is firing on all cylinders and is not solely dependent on any particular one for growth, even after raising DRAM and NAND prices by low-60s percentage and mid-80s percentage on a QoQ basis, respectively. Story Continues Meanwhile, earnings multiplied to $25.11 per share from just $1.91 per share in the prior year. Further, it easily outpaced the consensus estimate of $20.86...
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