Micron, Oracle and Semtech Are Getting Fresh Wall Street Attention as AI Infrastructure Demand Surges

Wall Street is turning increasingly bullish on three AI infrastructure plays heading into a busy earnings stretch, with analysts raising price targets on Micron Technology (NASDAQ:MU), Oracle (NYSE:ORCL) and Semtech (NASDAQ:SMTC) on the back of accelerating AI infrastructure demand.

The signal across all three names is directionally bullish, though the conviction levels and near-term setups differ sharply.

Micron carries the strongest institutional momentum of the three. Citi raised its price target to $430 from $385, maintaining a Buy rating ahead of the company’s next earnings report on March 18. Meanwhile, Susquehanna lifted its target to $525 from $345, keeping a Positive rating, citing DRAM and NAND average selling prices tracking meaningfully above January expectations quarter-to-date.

The fundamental backdrop supports that optimism. Micron’s most recent quarter delivered non-GAAP EPS of $4.78 against an estimate of $3.77, and the company guided Q2 revenue to $18.70 billion, with non-GAAP EPS of $8.42 and gross margin of 68%. Citi expects DRAM prices to increase 171% in 2026 versus 2025 on strong data center demand, with NAND prices rising 127%.

Prediction markets have taken notice: Polymarket currently prices a 97.75% probability that Micron beats its $8.58 non-GAAP EPS consensus on March 18. With the stock at $370.30, the gap to Citi’s $430 target is meaningful, and Susquehanna’s $525 represents a significantly higher target price. The analyst consensus target sits at $409.45, with 38 Buy ratings, 3 Holds, and 2 Sells. Retail sentiment on Reddit skews very bullish, with the dominant narrative framing Micron as an underappreciated AI memory bottleneck play.

Oracle’s analyst picture is more complicated. Both Barclays and Deutsche Bank remain constructive but have meaningfully reset expectations. Barclays analyst Raimo Lenschow lowered his price target to $230 from $310 while keeping an Overweight rating, noting Q3 will see meaningful AI-driven revenue acceleration but that ongoing ramp costs will pressure margins. Deutsche Bank analyst Brad Zelnick cut his target to $300 from $375, maintaining a Buy, describing Oracle shares as remaining 50% below their September peak and requiring “trust and patience” amid significant cash burn to fund its AI buildout.

READ: The analyst who called NVIDIA in 2010 just named his top 10 AI stocks

The stock’s numbers tell the story of that patience test. Oracle is trading at $148, down 24% year-to-date. Q2 revenue of $16.06 billion missed estimates of $16.90 billion, and shares fell sharply after that report. Yet the structural indicators are hard to dismiss: remaining performance obligations reached $523 billion, up 438% year-over-year, and IaaS revenue grew 68% year-over-year to $4.08 billion. Oracle reports again tomorrow, March 10, after market close, which makes the analyst calls especially timely. Retail sentiment on Reddit has turned very bearish, with the thread “What is wrong with Oracle?” dominating recent discussion, reflecting a real disconnect between institutional conviction and street-level confidence.

Semtech is the quietest of the three but carries a focused catalyst. Susquehanna analyst Christopher Rolland raised his price target to $100 from $90, keeping a Positive rating, expecting better results and guidance driven by FiberEdge from a rapid inflection in 800G transceiver shipments, with the ACC/LE opportunity having materially expanded intra-quarter. The stock sits at $82.02, leaving a gap to that $100 target. Semtech reports March 16, after market close, one week from today.

The company’s Q3 results showed record quarterly net sales of $267.0 million, with free cash flow rising to $44.6 million from $29.1 million year-over-year. Q4 guidance calls for net sales of approximately $273.0 million.

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