Goldman Sachs: Micron's Quarterly Revenue Seen at $51.9 Billion, Capital Returns Take Center Stage

TechFlow reports, according to Chaoxiang Research, that a Goldman Sachs research report dated September 11, 2026 indicates that Micron's revenue for the current quarter is projected to reach $51.9 billion, with a gross margin of 87.3% and earnings per share of $32.54, both exceeding market consensus. Goldman Sachs forecasts revenue guidance for the November quarter at $57.7 billion, with an EPS of $37.06. Its revenue outlook for CY26 stands at $262.3 billion, 1% above market consensus. Goldman Sachs maintains a neutral rating on Micron, setting a 12-month price target of $1,100, implying an upside of 12.5% from the September 10 closing price of $977.41.

Goldman Sachs believes that sustained tight supply in DRAM and NAND will drive another strong quarter. Investors are focusing on pricing for strategic customer agreements, capital return plans, and HBM4 product trends. Following the earnings release, market discussion will center on long-term customer contracts, enhanced capital returns, and increasing DRAM supply from China. Goldman Sachs lists downside risks including CXMT's continued gains in DRAM market share, which could negatively impact pricing.