Micron Stock Target Drops to $1,150, But Citigroup Still Says Buy For Now

The Micron stock price target has just been cut, and it is Citigroup doing the cutting. Analyst Atif Malik brought his 12-month objective on Micron Technology (NASDAQ: MU) down to $1,150 from $1,400, an 18% reduction that also counts as one of the sharper Micron stock target drop calls this year. Citi kept its Buy rating on the stock anyway, and the firm is framing this less as a change of heart on Micron and more as an admission that memory pricing, right now still hot, is going to cool off over the coming quarters. Anyone watching the Micron stock price target this week has seen a fair bit of back and forth because of it.

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Micron Stock Target Drops as Citi Cuts Forecast but Keeps Buy Rating

Why the Micron Stock Price Target Keeps Sliding

The new Micron stock price target really comes down to one number, an adjusted multiple. Citi now applies an 8x price-to-earnings multiple to its calendar-year 2027 earnings estimates, down from 10x before, and that alone explains most of this Citi Micron price target cut. Malik pointed to mixed earnings out of memory peers as the reason for trimming the multiple in the first place. Fiscal 2027 and 2028 profit estimates got trimmed too, by 1% and 2%, and gross margins are expected to slip from the mid-80% range down toward the mid-70% range as pricing power eases off a bit.