Micron heads into earnings with Wall Street split between a $2,000 target and Burry’s bearish puts

Micron Technology is set to report fiscal 2026 fourth-quarter results after the U.S. market closes on Sept. 30, with consensus calling for about $51.07 billion in revenue and adjusted EPS of roughly $31.52. The setup is unusual because the debate around the stock now goes well beyond the quarter itself. Bulls are focused on tight memory supply, rising HBM exposure, and the view that Micron’s earnings visibility is improving as AI-related demand locks in orders well ahead of delivery. D.A. Davidson analyst Gil Luria reiterated a $2,000 price target ahead of the report, implying about 87% upside from Micron’s Sept. 29 close of $1,071.72. On the other side, Michael Burry has shifted his Micron short exposure into put options expiring in June next year with a strike around $500, arguing that the current AI-driven shortage in memory chips is temporary and that the industry will eventually revert to a more traditional boom-bust cycle. Investors are also watching HBM4 yield ramp, conventional DRAM pricing, and Micron’s capital spending outlook. Several banks, including Citi, Goldman Sachs, UBS, and JPMorgan, published forecasts above company guidance, while Morgan Stanley remained more cautious on the quarter even as it expected Micron to raise its outlook again.