Micron Stock: 25% Below June Record, Is It a Buy?

Micron Technology's stock closed at $914.13 on Oct. 14, roughly 25% below its June record high of $1,213.56, despite the company exceeding its own earnings guidance and forecasting tighter memory supply through fiscal 2028. The company beat its June outlook, posting $54.2 billion in fiscal Q4 revenue and $33.42 in adjusted earnings per share, both above guidance. Management now forecasts about $61.5 billion in revenue and $38 adjusted EPS for fiscal Q1 2027, with contracted revenue rising to $134 billion. The stock decline appears driven by slowing DRAM price increases and rising capital expenditures, alongside concerns about new supply from rivals like China's CXMT. At roughly 12 times fiscal 2026 earnings, the valuation is significantly lower than June's 27 times, though memory remains cyclical.