Micron shares fell in premarket trading ahead of its earnings report. Decrypt, a blockchain media outlet, reported that Micron was down 1.32 percent at $1,068 as of 8:36 a.m. On the prior regular session, the stock closed up 0.16 percent at $1,082.28.

Despite the weakness in the shares, Wall Street’s assessment was broadly positive. Baird raised its Micron price target to $1,520 from $1,280, and JPMorgan maintained an overweight rating and a $1,540 target price. The two firms expected memory market conditions to improve further ahead of Micron’s fiscal fourth-quarter earnings release.

Baird raised its price target to reflect expanding demand for agentic AI, a slowdown in DRAM bit supply growth in 2027 and expectations for margin improvement in high-bandwidth memory next year. It also expected industry-wide AI CPU shipments to rise by about 40 percent in 2027, while overall DRAM bit growth would exceed 30 percent in 2026 before slowing to about 20 percent in 2027. It put high-bandwidth memory bit growth at about 60 percent from a year earlier and raised its DRAM price assumptions for the second half of 2026.

JPMorgan expected August-quarter revenue, gross margin and earnings per share to beat market estimates. The market consensus is revenue of $51.4 billion, a gross margin of 86.2 percent and earnings per share of $31.73. JPMorgan judged that price increases during the quarter remained solid, and that a slowing pace of price hikes reflected adjustments aimed at maintaining customer relationships and securing long-term supply and capacity contracts, rather than weakening demand.

In June, Micron provided fiscal fourth-quarter guidance of $50.0 billion in revenue plus or minus $1.0 billion, a gross margin of about 86 percent and non-GAAP diluted earnings per share of $31 plus or minus $1. It also said it had secured about 20 percent of DRAM volume and one-third of NAND volume through strategic customer agreements over multi-year contract terms. Micron will hold a fiscal fourth-quarter earnings conference call on Sept. 30.

Meanwhile, Micron Technology Tokenised b Shares (MUB), a tokenised equity product, traded down 2.61 percent over 24 hours at $1,064.28. The product is linked to the underlying stock, but the 24-hour decline alone does not allow a definitive conclusion about a causal relationship with Micron’s premarket decline.