Goldman Sachs Raises Price Target on Micron Ahead of Earnings, Cites Strong Memory Demand

Goldman Sachs has issued a revised outlook for Micron Technology (MU), raising its price target to $115 ahead of the company’s earnings announcement scheduled for December 6, 2025. The investment bank cited sustained demand for memory products across data centers, AI infrastructure, and consumer electronics as key drivers behind the improved forecast. Micron’s ability to maintain pricing power and expand capacity utilization in its manufacturing facilities supports the firm’s optimism. The analyst team highlighted that global DRAM and NAND sales volumes are expected to grow by 18% and 22%, respectively, in the first half of fiscal 2026, compared to the same period in 2025. These figures suggest stronger-than-expected inventory normalization and capital expenditure recovery among cloud providers and OEMs. Micron’s share of the global DRAM market is projected to reach 26% by Q2 2026, up from 23.5% in Q4 2024, according to internal modeling. The upgrade comes as broader semiconductor indices show upward momentum. The Semiconductor HOLDRS ETF (SMH) has gained 7.3% over the past month, while the Technology Select Sector SPDR Fund (XLK) is up 4.1% amid positive sentiment around AI-driven chip demand. Micron’s stock has outperformed the S&P 500 by 12 percentage points year-to-date, reflecting investor confidence in its strategic positioning. Investors are closely monitoring the upcoming earnings release for guidance on capex plans, inventory levels, and customer order trends. A positive beat could trigger broader rally in the semiconductor sector, particularly benefiting peers like NVIDIA (NVDA) and AMD (AMD), which are also integral to AI and data center growth trajectories.