Micron Technology’s stock is under close watch after a sharp selloff, with many investors wondering whether the shares can still reach the $1,300 mark in August. The recent drop came even as the artificial intelligence (AI) memory market continues to grow, leading to a fresh debate over Micron’s short-term and long-term price potential. Most Wall Street analysts believe Micron is unlikely to reach $1,300 in August, with many viewing that level as part of its longer-term growth story rather than a near-term target.
Micron stock falls after huge rally
Micron shares had risen about 224% earlier in 2026 and were up around 740% compared with a year earlier. The stock climbed from about $104 to more than $900 by late June.
However, the rally ended on July 28, when Micron shares fell as much as 13.67% during trading. The stock closed at $820.53, down 8.85% for the day, and later dropped to $781.72 in after-hours trading.
According to Watcher Guru, the fall came after rival SK Hynix reported disappointing earnings, which led to a broader selloff in memory chip stocks. Micron also performed worse than the overall technology sector, which fell 3.04% on the same day.
Why investors are still optimistic
Despite the sharp decline, many traders believe the selloff was driven mainly by negative market sentiment after SK Hynix’s results rather than any weakness in Micron’s own business. Micron remains one of only three companies worldwide that supply High Bandwidth Memory (HBM) chips, alongside SK Hynix and Samsung.
The company has already sold all of its HBM production capacity for 2026 through fixed-price and fixed-volume customer agreements. Micron Chairman, President and CEO Sanjay Mehrotra said, “Supply is tight. We expect a healthy demand-supply environment in 2026”, according to Watcher Guru.
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Can Micron reach $1,300 in August?
Most analysts do not expect Micron to climb to $1,300 within one month because the required gain would be unusually large. With the stock closing at $820.53, Micron would need to rise by more than 55% in about 30 days to reach $1,300. Analysts say such a move would be far bigger than Micron’s normal monthly price swings, according to Watcher Guru.
Median 12-month price targets for Micron are around $1,550 to $1,600. Bank of America is among the firms that has a $1,550 target for the stock over a longer time frame. Yahoo Finance data shows the average one-year analyst price target is $1,507.38. Because of these forecasts, many analysts see the $1,300 level as a milestone that could come in 2027 rather than in August. Micron has already signed 16 strategic customer supply agreements, strengthening confidence in its long-term business outlook.
Strong AI demand supports long-term growth
Wall Street expects Micron’s fiscal 2027 revenue to increase by 84% compared with the previous year. Analysts also expect earnings per share to rise from $73.44 to $153.74 during fiscal 2027. Even after the recent selloff, Micron is trading at about 6.4 times its projected earnings for next year.
Micron expects the global HBM market to grow from about $35 billion in 2025 to nearly $100 billion by 2028. The company believes AI-driven demand will continue supporting growth for memory chips over the next several years. Sanjay Mehrotra said, “Tight conditions to persist beyond calendar 2027 as a result of AI-driven demand…”, as quoted by Watcher Guru.
Analysts say this long-term AI demand is one of the main reasons investors continue to expect Micron shares to move toward the $1,400-$1,600 range over the next year instead of reaching $1,300 immediately.
Wall Street still sees major upside
According to 24/7 Wall St., Micron was trading at $820.53, while the Wall Street average price target stood at $1,507.38. That difference suggests analysts see roughly 84% upside from current levels if their forecasts are correct.
Micron is the only US-based memory chip manufacturer and is becoming a major supplier of High Bandwidth Memory chips used in AI accelerators, according to 24/7 Wall St. The company reported a 345.7% year-over-year increase in revenue in its latest quarter. Its non-GAAP gross margin improved sharply to 84.6%, up from 37.7% a year earlier.
Chinese IPO adds pressure on memory stocks
The latest sector selloff was also linked to the Shanghai stock market debut of Chinese memory chip maker ChangXin Memory Technologies (CXMT). CXMT’s shares jumped 466% after listing, giving the company a market value of about $487 billion, which surpassed Intel’s market capitalisation.
Following the market reaction, Micron fell 8.85% in one trading session, dropped 15.48% over the week and lost 27.53% during the month. Other memory-related stocks also declined, with Sandisk falling about 9%, Western Digital losing between 7% and 8%, and the Roundhill Memory ETF dropping nearly 12%. Morgan Stanley strategist Mike Wilson described the correction across semiconductor and storage stocks as “pretty well advanced” and severe, according to 24/7 Wall St.
While Micron’s AI business and strong customer demand continue to support its long-term outlook, most analysts believe a move to $1,300 in August remains unlikely. Instead, Wall Street expects the stock to climb gradually over the next year if the AI memory boom continues.