Micron super bull reiterates $2,000 price target ahead of September 30 fiscal Q4 release

D.A. Davidson's $2,000 call anchors Street expectations

D.A. Davidson analyst Gil Luria reiterated a $2,000 price target on Micron (MU) ahead of the chipmaker's fiscal fourth-quarter earnings release, framing him as a "super bull" relative to other bullish Wall Street analysts covering the memory chip name. The reiterated target is the highest on the Street and sets the tone for how investors are positioned into the September 30 print, with Luria publicly underscoring that he sees further upside ahead for the stock as AI-driven memory demand persists.

Fiscal Q4 estimates tower over prior guidance

Micron is scheduled to report fiscal fourth-quarter results after the U.S. market close on September 30, and consensus projections compiled by FactSet point to revenue of approximately $51.07 billion and earnings per share of about $31.52. Both figures sit above the company's prior guidance of roughly $50 billion in revenue, plus or minus $1 billion, and adjusted EPS of about $31, plus or minus $1, with gross margins potentially reaching 87%. The setup reflects four consecutive quarters of Micron beating expectations, leaving the bar high heading into the release.

AI memory mix shifts toward DRAM, NAND and HBM4

Forecasts cited ahead of the print call for Micron's fourth-quarter DRAM revenue to reach roughly $38.26 billion, up more than 300% year-over-year, while NAND revenue is expected to come in around $12.32 billion, a year-over-year increase of more than 400%. HBM4 has emerged as the principal swing factor: the company has already shipped more than $1 billion worth of HBM4 products, and the next phase of volume ramp will determine how quickly Micron narrows its share gap with SK Hynix and Samsung. UBS research separately projects fiscal Q4 revenue at $524 billion and flags that share-buyback restrictions are set to lift in December, layering a potential capital-return catalyst onto the print.

Competitor capacity and cyclicality temper the bull case

Samsung is expanding capacity for HBM4 and next-generation HBM4E, while SK Hynix is accelerating fab construction and equipment investment, meaning Micron's HBM4 ramp is unfolding against a backdrop of rising competitor supply rather than constrained industry output. The memory market has also historically been cyclical, and elevated capital commitments — including a $10 billion R&D center in Boise — leave earnings sensitive to any softening in DRAM and NAND pricing.

What to watch on September 30

The market will parse Micron's DRAM and NAND segment revenue, HBM4 shipment commentary, gross margin realization against the 87% marker, and any update on the December lifting of buyback restrictions. A clear reaffirmation of HBM4 scaling, paired with margin expansion, would validate the Street's $2,000 top-end target and the $1,501.84 average price target reflected in current sell-side models.