Micron Technology shares closed at $724.66 on May 15, 2026, marking a 6.62% decline. The stock fell further to $715.89 in after-hours trading following volatile swings in the AI memory cycle.
Micron reported Q1 FY26 revenue of $13.64 billion, a 56.6% increase year over year. Non-GAAP earnings per share reached $4.78 for the quarter. Management confirmed that pricing and volume agreements are locked in for the entire 2026 HBM supply. The company also raised its 2028 HBM total addressable market forecast to $100 billion.
Despite these results, 24/7 Wall St. issued a sell recommendation with a $435.15 price target. This target implies a 45.29% downside from a $795.33 reference price. The stock trades at an implied price-to-earnings ratio of 71 based on forward earnings of $14.60 per share. Analysts characterized this multiple as extreme for the historically cyclical memory industry.
Macroeconomic headwinds also pressured the semiconductor sector. Investors expressed concern over potential semiconductor export restrictions and weaker global equities. This broader risk-off sentiment contributed to the recent decline in Micron’s valuation.