LightView AI Stock Analysis Summary
Nov 10, Issued 2026 (Tue) · As of Nov 9, 2026 close · 1/2Micron Micron Technology, Inc. · MU · NASDAQ
Q3 revenue rose 379% year over year at an 80.7% operating margin, yet the stock sits 41.6% below its June high as the market doubts earnings have peaked
Overall VerdictBUYBull 5 · Bear 2 · Deferred 0
Price at Issue
$733.15
Nov 9, 2026 close · +6.2%
External Average Target Price
$1,561.91
+113.0% · 45 analysts
52-Week Low · High
$192.59 ~ $1,255.00
vs. high −41.6%
Next Earnings
TBD
Q4 2026 earnings
014 Key Data Points
Quarterly revenue $54.2B, up 379% year over yearQ3 · operating income $43.8B (80.7% margin), 11.8x the $3.7B a year earlier[S2]
One-day drop of 17.5% on Nov 5, 41.6% below the highClose $656.39 on 2.5x average volume · AI chip selloff and reports of a delayed Taiwan fab[S3][S7]
Reports of TSMC entering advanced memory (Nov 10)24/7 Wall St. reported intent to enter while TIKR said TSMC stays in logic ICs, so reports conflict[S7]
Q4 2026 revenue guidance of $60B–$63BMidpoint is 13.4% above Q3's $54.2B · non-GAAP gross margin about 86%, which the company called the fiscal-year floor[S7]
02Research Team Debate — 6 Issues
| Cycle-peak worry×2 | Bull | The question is whether slower growth marks the peak. Even at a lower growth rate, guidance lifts revenue to $61.5B and puts the margin floor near 86%, so there is no evidence yet of falling profit; the verdict is Bull. The next check is the Dec 23 earnings. |
| TSMC memory-entry reports | Bear | The question is whether the TSMC threat is resolved. While a report says TSMC intends to enter memory and nothing is confirmed, the competition risk stays, so the verdict is Bear. It will be revisited if TSMC or Micron makes an official statement. |
| Valuation | Bull | The question is whether the low multiple reflects peak earnings. A PEG of 0.03 against 137% growth is very low even allowing for a peak discount, so the verdict is Bull. The Bear cycle argument bites when growth turns, but guided revenue is still rising. |
| Price targets raised | Bull | The question is the direction of target changes: none of the 5 latest is a cut and 2 are raises, so the verdict is Bull. All predate Nov 5, so it will be revisited once November changes appear. |
| Cash and capex | Bull | The question is whether cash covers expansion costs. Capex uses only 25% of operating cash flow and net cash is $38.3B, more than enough, so the verdict is Bull. Post-expansion pricing is checked in the gross margin at the Dec 23 earnings. |
| Price trend | Bear | The question is whether the downtrend is over. The stock has not climbed above either the 200-day or the 20-day average, so no trend reversal is confirmed and the verdict is Bear. It will be revisited on a close above the 200-day average at $758.39. |
The overall verdict is BUY. Results, valuation and cash favor Bull, while the price trend and TSMC competition risk favor Bear; the verdict reopens at the Dec 23 earnings, depending on whether gross margin holds above 86%.
03Conditions That Change the Verdict
▲ Upgrade Conditions
- Dec 23 earnings (Yahoo estimate)Revenue near the $63B top of guidance with gross margin above 86% would weaken the Bear case
- TSMC official commentsAn official confirmation that TSMC has no memory plans would flip the competition issue to Bull
- Price trendA close above the 200-day average ($758.39) and recovery toward the 20-day ($866.21) would weaken the downtrend
▼ Downgrade Conditions
- Dec 23 earnings (Yahoo estimate)Revenue below the $60B low end of guidance or gross margin under 86% would strengthen the Bear case
- TSMC official commentsA TSMC decision to enter advanced memory would strengthen the Bear case on competition
- Price targetsAn average target falling below $1,400 from $1,561.91 would signal lower expectations
LightView AI Stock Analysis Summary
Nov 10, Issued 2026 (Tue) · As of Nov 9, 2026 close · 2/204Quarterly Results Unit: $B
| Q3 2025 | Q4 | Q1 2026 | Q2 | Q3 |
|---|
| Revenue | 11.3 | 13.6 | 23.9 | 41.5 | 54.2 |
| Operating Income | 3.7 | 6.1 | 16.1 | 33.3 | 43.8 |
| Net Income | 3.2 | 5.2 | 13.8 | 28.2 | 37.7 |
| Operating Margin | 32.6% | 45.0% | 67.6% | 80.4% | 80.7% |
Gross margin86.8%Year ago 44.7%
Operating margin80.7%Year ago 32.6%
Net margin69.5%Year ago 28.3%
Operating cash flow margin81.1%Year ago 50.6%
05P/E trend
4.0x
Now (11/9) forward P/E
10.3x
Peer median forward P/E
06Street Opinions
Buy 45Hold 4Sell 0Avg $1,561.91 · High $3,000.00 · Low $361.00
Rosenblatt$1,900Maintained
Needham$1,650Maintained
Rosenblatt$1,900Maintained
DA Davidson$3,000Raised
07Financial Strength
Cash and short-term investments (8/31)$43.4B$10.3B → +321.4%
Debt (8/31)$5.2B$14.6B → −64.5%
Net cash (cash & investments − debt)$38.3B−$4.3B → —
08Recent News
- 11/9 Up 6.3% in a chip rebound after a week of AI chip sellingVolume was 1.03x the 20-day average · Nvidia fell about 4% the same day on the CEO probe report[S7]
- 11/5 Plunged 17.5% in a day amid an AI chip selloff and reports of a delayed Taiwan fabClose $656.39 on 2.5x average volume · the Taoyuan fab delay is per press reports and the company said operations were normal[S7]
- 10/16 President Scott DeBoer sold 28,544 shares for $25.7M$900–$902 per share · Yahoo Form 4 summary · the stock fell 5.6% that day[S8]
09Upcoming Events
- Nov 13 (Fri) · Weekly options expiryMost-traded call strike $800 (28K contracts), put strike $650 (9K)[S5]
- Nov 20 (Fri) · Monthly options expiryThe two nearest expiries on Yahoo's list (Nov 11 and Nov 13) account for 46.4% of options volume[S5]
- Dec 23 (Wed, TBD) · Q4 2026 earningsNot confirmed by the company; Yahoo estimates Dec 23, to be compared with guidance ($60B–$63B revenue) and Yahoo consensus (EPS $38.29, revenue $61.8B)[S2][S7]
10Key Risks
- Slowing growth (+30.8% to +13.4%)Impact High · Likelihood Medium · Watch Dec 23 earnings
- Possible TSMC entry into advanced memoryImpact High · Likelihood Medium · Watch TSMC comments
- Turn in the price cycleImpact High · Likelihood Medium · Watch Next year
11Checkpoints
- ★★★ Q4 2026 earnings around Dec 23Whether revenue lands within $60B–$63B and gross margin tops 86%
- ★★★ TSMC and Micron official commentsWhether TSMC's memory plans and Micron's position are stated
- ★★☆ Taoyuan, Taiwan fabThe company's explanation of the delay reports and whether work resumes