Micron Wall Street Target Hits $2,000 as Traders Pile In Before Earnings

Micron Technology's stock (NASDAQ:MU) has surged 284% year-to-date, soaring past the $2,000 mark before earnings, according to analysts. The company's fiscal Q4 guidance anticipates $50.0 billion in revenue and $31.00 non-GAAP EPS. The $2,000 target is based on 16 take-or-pay customer agreements totaling $100 billion in minimum revenue and $22 billion in prepaid deposits.

If Micron's Q4 gross margin fails to meet 86%, the $2,000 target may disappear. Despite being named one of 24/7 Wall St.'s top 10 stocks to buy now, Micron did not make the list. The company's upcoming September 30 fiscal Q4 results will determine whether the bullish or bearish case prevails.