Micron Technology (NASDAQ: MU) enters Wednesday’s fiscal Q4 report with sharply higher memory prices behind it. In a Monday client note, Wedbush Securities raised its earnings estimate above the top of Micron’s own guidance. The firm argues that pricing for both DRAM and NAND points to more upside from there.

Key Points

• Wedbush sees Micron’s fiscal Q4 EPS reaching the mid-$30s. That compares with FactSet consensus of $31.58 and company guidance of $31 ± $1.
• June’s memory price increases alone could lift Micron’s fiscal Q4 average selling prices by 20%-30%.
• Wedbush reiterated its Outperform rating and $1,400 price target on MU.
• A strong report could also help peers SanDisk (NASDAQ: SNDK) and SK Hynix (SKHY).

Pricing Surge Drives the Upside Case for Micron

Wedbush estimates that standard DRAM prices climbed close to triple digits in calendar Q2 2026. DRAM is the working memory that powers servers and PCs. Meanwhile, NAND flash, the storage memory inside solid-state drives, rose by high double digits over the same period.

The momentum has carried into the current quarter. Wedbush puts calendar Q3 pricing up roughly 20%-30% for both memory types. As a result, the firm expects Micron’s fiscal Q4 results to land ahead of what management guided in June.

“Memory (pricing) trends suggest room for further upside,” Wedbush analyst Matt Bryson wrote.

Guidance Could Signal Mid-$30s Earnings Power for MU

Looking ahead, Wedbush expects NAND and DRAM contract prices to rise another 10%-20% in calendar Q4 2026. Long-term supply agreements lock in roughly half of Micron’s pricing. Even so, the firm says the increase could still add mid- to high-single-digit price gains for the company.

Bryson expects Micron’s outlook to imply earnings power in the mid-$30s per share. That holds even if management guides conservatively and builds in a cushion against changing conditions.

Read-Through for SanDisk and SK Hynix

Beyond Micron, Wedbush sees positive implications for memory peers SanDisk (NASDAQ: SNDK) and SK Hynix (SKHY).

The setup follows strong prints across the AI semiconductor chain. Last month, NVIDIA (NASDAQ: NVDA) beat Wall Street expectations on record data center sales and issued an upbeat Q3 revenue outlook. Earlier, in July, Intel (NASDAQ: INTC) posted better-than-expected Q2 results.

Micron reports fiscal Q4 results after the market closes Wednesday, September 30.

The post Micron Heads Into Earnings With Memory Pricing Tailwind, Wedbush Says appeared first on PRISM MarketView.

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