Wells Fargo cuts Micron stock price target on valuation debate

Wells Fargo has lowered its price target on Micron Technology shares to $1,400 from $1,525 while maintaining an Overweight rating. The firm now projects fiscal 2026 revenue of $132.3 billion with earnings per share of $75, fiscal 2027 revenue of $261.3 billion with EPS of $166, and fiscal 2028 revenue of $287.8 billion with EPS of $178. The reduced price target reflects the firm's expectation that investors will continue to debate Micron's peak earnings potential and the value of supply chain agreements.

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