DA Davidson Initiates Micron at Buy With a $1,000 Price Target: Is This the Most Bullish Memory Call of 2026?
DA Davidson initiated coverage of Micron Technology with a Buy rating and a $1,000 price target, citing a multi-year structural story for AI memory. Micron's stock has risen 74% year to date, with a forward P/E ratio of 9x, and 38 of 43 analysts rate the shares Buy or Strong Buy.
DA Davidson initiated coverage of Micron Technology with a Buy rating and a $1,000 price target. The firm's thesis centers on the duration of the AI-driven memory cycle, arguing it will create a structurally higher ceiling for memory pricing and demand. Micron's fiscal Q1 2026 results showed non-GAAP EPS of $4.78 and revenue of $13.64 billion, up 57% year over year. The company's market cap is roughly $591 billion, and management's Q2 guidance calls for $18.7 billion in revenue and non-GAAP EPS of $8.42. Micron's U.S. manufacturing footprint and demand for HBM from AI accelerators support a multi-year earnings ramp. The stock has risen 74% year to date, with a forward P/E ratio of 9x.
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