MU Remains BofA's Top Memory Pick – SNDK Signals Memory Growth May Be Structural, BofA Says

• BofA sees Micron’s fiscal 2030 earnings per share reaching $200 to $250, well above Wall Street’s current consensus peak of $160-$170.
• The firm’s bullish view is tied to its belief that memory may be entering a “structurally stronger phase.”
• Rather than viewing the current strength as another temporary memory upswing, BofA sees the potential for a more durable improvement in the industry's underlying earnings profile.

Micron Technology Inc. (MU) could be heading for an earnings run that far exceeds Wall Street’s current expectations, according to the analysts at BofA.

According to TheFly, BofA reiterated its ‘Buy’ rating on Micron and a $1,550 price target, implying an upside potential of about 59% from current levels.

Micron shares were up more than 3% in Monday’s pre-market trade, while Sandisk shares were up nearly 6%.

BofA Sees A Much Bigger Earnings Run For MU

BofA sees Micron’s fiscal 2030 earnings per share (EPS) reaching $200 to $250, well above Wall Street’s current consensus peak estimate of $160 to $170.

The firm’s bullish view is tied to its belief that memory may be entering a “structurally stronger phase.” Rather than viewing the current strength as another temporary memory upswing, BofA sees the potential for a more durable improvement in the industry's underlying earnings profile.

That outlook makes Micron a “top pick” at BofA, with the firm’s FY30 EPS range suggesting that it sees significantly more earnings power ahead than the broader Street currently anticipates.

Micron shares were hovering above $1,000 apiece in Monday’s pre-market session, climbing above the level for the first time since July 23, 2026.

What Does SNDK Have To Do With MU?

The key connector to BofA’s bullish thesis on Micron is SanDisk. BofA’s view is that SanDisk’s “durable growth outlook” provides evidence that the broader memory market could be moving into a structurally stronger period.

The SanDisk outlook gives BofA another reason to believe that the memory industry’s strength could prove more persistent than the traditional boom-and-bust cycle would suggest. That strengthens the case for looking beyond Micron’s near-term earnings and focusing on how high its earnings power could ultimately go.

SanDisk’s outlook is helping validate BofA’s broader structural memory thesis, underpinning the firm’s $200 to $250 FY30 EPS forecast.

SNDK CEO Sees A Different Memory Business Taking Shape

Sandisk CEO David Goeckeler struck a similarly bullish tone during the Investor Day last week, saying he believes the company has finally reached the point where its “real value creation is going to happen” and that its underlying earnings power can continue for a long time.

Goeckeler said SanDisk is working to “dampen” the business’s historically wild cyclicality by shifting customer relationships from quarter-to-quarter negotiations to multi-year agreements. He said the company has gone from roughly three months of demand visibility to more than four years, with 50% to two-thirds of supply now covered by agreements.

The CEO also argued that Sandisk can combine increased profitability, reduced cyclicality, and consistent revenue growth to create what he called an “unbelievable franchise.”

MU Sees Memory Tightness Lasting Beyond 2027

Micron Chief Business Officer Sumit Sadana said last week that customer demand signals have strengthened since the company’s latest earnings report, with “very tight industry conditions” expected to continue “beyond calendar year 2027.”

He said Micron is increasing investments across its global manufacturing network to keep pace with demand, while AI adoption remains in its early stages as workloads expand into agentic AI.

Sadana also pointed to growing demand for high-bandwidth memory, which is adding further pressure to the broader memory supply chain. He said customers are increasingly identifying DRAM as their primary constraint, ahead of power, real estate, data-center capacity and logic wafers.

What Retail Traders Think Of MU, SNDK Stocks

Retail sentiment on Stocktwits around Micron trended in the ‘bearish’ territory at the time of writing, while users felt ‘bullish’ about Sandisk.

MU stock is up 240% year-to-date, while SNDK stock is up 591%. The S&P 500 ETF Trust (SPY) is up 20% over the past 12 months, while the Invesco QQQ Trust (QQQ) is up 26%.

The Roundhill Memory ETF (DRAM) is up 112% during this period, while the iShares Semiconductor ETF (SOXX) is up 117%.

Also See: Apple’s Next Big Catalysts: Analyst Sees $400 Target Led By Foldable iPhone And AI Strategy

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