Micron Technology, Inc. (NASDAQ:MU) stock traded lower in Thursday’s premarket session as semiconductor stocks came under pressure after investors reacted negatively to Broadcom Inc.’s (NASDAQ:AVGO) quarterly results, despite strong growth and bullish long-term AI forecasts.

Although Broadcom delivered strong quarterly results, investors were underwhelmed by its AI outlook. The company maintained its long-term forecast for AI semiconductor revenue above $100 billion by fiscal 2027 rather than raising it, and projected fiscal third-quarter AI revenue that largely matched lofty expectations.

With valuations across the AI trade reflecting aggressive growth assumptions, the absence of a meaningful guidance increase triggered profit-taking and weighed on semiconductor stocks, including Micron.

Earnings And Analyst Outlook

Micron’s next major catalyst is its earnings report, scheduled for June 24, 2026.

Wall Street expects earnings of $19.29 per share, up from $1.91 per share a year earlier. Revenue is projected to reach $33.88 billion, compared with $9.30 billion in the prior-year period.

The stock trades at a price-to-earnings ratio of 50.9, reflecting a premium valuation compared with many semiconductor peers.

Analysts maintain a Buy consensus rating on the stock, with an average price forecast of $827.61. Recent analyst actions include:

• Morgan Stanley maintained an Overweight rating and raised its price forecast to $1,050 on June 3.
• Raymond James maintained an Outperform rating and raised its price forecast to $1,100 on June 1.
• Susquehanna reiterated a Positive rating and raised its price forecast to $1,750 on May 29.

Micron Price Action

MU Stock Price Activity: Micron Technology shares were trading down 7.38% at $999.86 during premarket trading on Thursday, according to Benzinga Pro data.

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