Micron Technology (NASDAQ:MU) trades at $733.15, down 28.7 percent over the past month from $1,028.83, even as the company reported strong fiscal Q4 results that beat both revenue and earnings expectations.

Revenue reached $54.23 billion, topping the consensus estimate of $50.97 billion. Non-GAAP EPS came in at $33.42 versus the expected $31.35. Despite the beat, the stock fell 12.05 percent in the week following earnings.

The selloff appears concentrated in memory stocks. The S&P 500 declined only 3.33 percent over the same month. Investor concerns driving the weakness include fears of excess AI infrastructure spending, rising inflation, the anticipated entry of China's ChangXin Memory Technologies into server memory by year-end, political headwinds for new data-center projects, and reports that Micron lost DRAM market share in the third quarter.

Wall Street remains bullish. Nine analysts rate the stock Strong Buy, 36 rate it Buy, three Hold, and one Strong Sell. The average price target stands at $1,561.91, implying 113 percent upside from current levels.

John Vinh at KeyBanc Capital Markets is the most aggressive, with a $2,500 target—representing 241 percent upside. His thesis centers on sold-out HBM capacity, strong pricing power across DRAM and NAND, and Micron's revenue mix shift toward AI servers. Cantor Fitzgerald targets $2,300, Stifel $2,100, and Goldman Sachs $2,000.

Micron dominates U.S. supply of DRAM, NAND flash, and high-bandwidth memory—all critical for AI accelerators and data centers. The company has pre-sold over 75 percent of its fiscal 2027 shipments and holds 26 supply agreements through 2030.

Forward earnings momentum supports the bulls. Fiscal 2027 EPS consensus stands at $176.50, up from $155.79 just 90 days ago. In the past month, 29 analysts raised estimates while only two cut them. Fiscal 2026 revenue hit $133.19 billion, a 256 percent increase year-over-year.

At roughly four times forward earnings, Micron trades at a valuation many analysts view as compelling given the revised upside. Key catalysts include volume production of HBM4E in calendar 2027 and wafer production from its Idaho fab in mid-2027.

One caveat: many price targets were set when Micron traded above $1,000. Memory cycles have historically humbled forecasters. But the current disconnect between fundamentals and valuation—combined with locked-in supply agreements and capacity constraints—suggests the recent selloff created a window for long-term investors to build positions ahead of HBM ramp.