Micron Q2 Preview: After An Eye-Watering 640% Surge, Stock Looks Ready To Power Higher, Expert Says

Micron Technology (NASDAQ:MU) is one of the hottest stocks over the last year, a trend that could be continued or come to a halt when the company reports second-quarter financial results Wednesday after market close. Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch. Micron Q2 Earnings Estimates Analysts expect Micron to report second-quarter revenue of $19.17 billion, up from $8.05 billion in last year's second quarter, according to data from Benzinga Pro. The company has beaten analyst estimates for revenue in four straight quarters and in nine of the last 10 quarters overall. Analysts expect Micron to report second-quarter earnings per share of $8.61, up from $1.56 in the previous year. The company has beaten analyst estimates for earnings per share in eight straight quarters and in nine of the last 10 quarters overall. Guidance from the company calls for revenue of $18.3 billion to $19.1 billion and earnings per share of $8.22 to $8.62. Market Expert on Micron Stock Micron stock has been on quite a run over the last year. From its April 2025 lows to now, the stock is up 640%, one of the best returns of any S&P 500 stock. Micron stock ranked third among S&P 500 stocks with a 239.1% gain in 2025, gains that have continued into 2026. Aside from the performance from its lows, shares are still up significantly over the last year and year-to-date. "It's the second-best performing stock in the S&P 500 over the last 52 weeks with a gain of 357% and a top performer this year with gains of 42%," Freedom Capital Markets Chief Market Strategist Jay Woods said in a weekly newsletter. Woods said Micron stock has been accelerating thanks to strong demand for the company's high-bandwidth memory (HBM) products. With Micron saying its HBM products are sold out well into 2026, Woods said that guidance beyond this will be critical for the stock. "This report will tell us whether their momentum is accelerating. If HBM demand remains sold out and pricing trends keep improving, the bulls will argue the memory cycle still has plenty of runway. If not, traders may start asking whether the AI memory boom is already priced into the stock." The market expert said the technicals for Micron stock suggest more upside as well. "The stock has held above its rising 50-day moving average as well as its AVWAP from its December lows. Coming into earnings week it's poised to break higher." Woods said that a clear break for Micron stock above $460 could lead to shares trading in the "mid $500s and quickly." "Based on those metrics and the weekly bullish engulfing candle that just formed, the stock seems poised to climb higher." Analysts have been raising their price targets on Micron stock ahead of the earnings report. Check out the latest price targets here. Key Items to Watch for Micron's Q2 Results Investors and analysts will be watching HBM supply and demand commentary along with other management comments on customers and the overall sector. The first quarter saw the company set several records and show expanded margins. The second quarter results could see more records fall for the company. Another area to watch could be commentary on the recent announcement that Micron is expanding its manufacturing footprint in Taiwan. The deal is expected to boost capacity as rising demand for Micron's products continues. A timeline on more manufacturing capacity coming online could be something to look for in commentary. Micron Stock Price Action Micron stock is up 3% to $454.98 on Tuesday versus a 52-week range of $61.54 to $458.28, with shares hitting new all-time highs during the intraday session. Micron shares are up 44.3% year-to-date in 2026 and up over 340% in the last year. Image via Shutterstock