BofA Sees Micron EPS Topping $230 by 2030, Backs Major Stock Upside

Bank of America expects Micron Technology (NASDAQ: MU) to deliver more than $230 in earnings per share by fiscal 2030, significantly above Wall Street’s current peak estimates, as artificial intelligence demand reshapes the memory chip market.

BofA analyst Vivek Arya reiterated a Buy rating and $1,550 price target on Micron after adding the semiconductor stock to the firm’s high-conviction US 1 List. The target implies more than 50% upside from Micron’s recent price near $1,014.

BofA’s bullish Micron outlook draws heavily on SanDisk’s recent investor day, where the company targeted 15% annual revenue growth and gross margins above 80% through FY30, supported by customer commitments and disciplined supply. Applying similar assumptions to Micron produces estimated FY30 EPS of $200 to $250, representing annualized EPS growth exceeding 30% from FY26.

That forecast is well above consensus expectations of roughly $160 to $170 in peak EPS over the next two years. BofA believes investors may be underestimating a structural shift in the historically cyclical memory industry.

If Micron’s earnings become less volatile, BofA argues its valuation could expand from a historical 10 times earnings toward 12 to 15 times, bringing it closer to other AI infrastructure beneficiaries.

Free cash flow could provide another catalyst. BofA projects Micron could begin generating more than $80 billion in trailing 12-month FCF around December 2026 and potentially exceed $640 billion cumulatively through FY30. Stronger cash generation could support substantial share repurchases and further boost EPS.

Arya also views concerns over lower-memory configurations in NVIDIA Rubin Ultra GPUs as exaggerated. Growing adoption of HBM4e, HBM5 and higher-density 12-Hi and 16-Hi stacks could offset near-term memory-content pressure.

BofA identifies capital allocation, rather than memory demand, as the biggest risk to its Micron thesis. Investors will therefore be watching upcoming earnings and management guidance for signs of how the company plans to deploy its expanding cash flow.