JPMorgan Sees Constructive Setup Ahead of Micron's Q4 Earnings Report

JPMorgan has reaffirmed its bullish stance on Micron Technology (MU) ahead of the company's fiscal fourth-quarter earnings report, maintaining an Overweight rating and a $1,540 price target that implies upside of more than 40% from current levels.

The bank's conviction is bolstered by Micron's contracted backlog, with 16 multi-year Strategic Customer Agreements signed to date, carrying approximately $100 billion in total revenue at minimum-price terms. This visibility gives JPMorgan confidence that supply-demand tightness has real staying power rather than being a seasonal phenomenon.

Micron is scheduled to report results for the quarter ended August 2026 after the market closes on Wednesday, September 30. Wall Street consensus points to adjusted earnings of roughly $31.82 per share on revenue near $51.47 billion, representing staggering year-over-year growth, with revenue expanding more than 350% from the comparable period a year earlier.

JPMorgan analyst Harlan Sur notes that memory pricing momentum held through the quarter, combined with continued structural tightness in both DRAM and NAND markets, leading the firm to expect revenue, gross margin, and earnings to land above consensus estimates. The setup is characterized as 'constructive,' with multiple beat-and-raise levers still in play.