Wolfe Research raised its price target on Micron Technology (NASDAQ: MU) to $300 from $200 while reiterating an Outperform rating, saying recent pricing trends supported significantly higher earnings power through 2027.

The firm said its $300 price target reflected approximately 10× its CY27 upside-case EPS estimate of ~$30, driven by improving pricing for DRAM and NAND, strengthening server demand, and stabilizing handset and PC markets. Wolfe lifted its estimates for the November and February quarters, along with out-year forecasts.

While Micron shares had already rallied alongside the memory pricing upcycle, the firm said it saw a credible path to $30 per-share earnings in 2027, supported by an aggressive HBM (high-bandwidth memory) ramp. Wolfe added that this earnings trajectory could fuel further upside for the stock over the long term.