When Micron Technology Inc. (MU) reports first-quarter earnings Wednesday after the bell, it'll be chasing an impressive milestone: an 11th consecutive quarter of beating revenue estimates. That's the kind of consistency that makes analysts giddy, and they're predicting the streak continues with what could be another quarterly record.

The question is whether the stock can handle the weight of all that optimism.

What The Numbers Look Like

Analysts expect Micron to report first-quarter revenue of $12.81 billion, which would be a massive jump from $8.71 billion in the same quarter last year. If the company hits that mark, it'll surpass the $11.31 billion reported in the fourth quarter, making it the third straight quarter of record-breaking revenue.

On the earnings front, Wall Street is looking for $3.93 per share, more than double the $1.79 reported in last year's first quarter. Micron has beaten EPS estimates in seven consecutive quarters and in nine of the past ten overall.

The company's own guidance calls for revenue between $12.2 billion and $12.8 billion with earnings per share in a range of $3.60 to $3.90. So analysts are basically betting on the high end of that range.

Analysts Are Getting Bullish

Rosenblatt analyst Kevin Cassidy thinks Micron is about to deliver another record quarter with potentially more record quarters ahead. He maintained a Buy rating with a $300 price target.

"We are expecting Micron to report another record quarterly only to be topped by February quarter guidance," Cassidy said.

The secret sauce, according to Cassidy, is disciplined supply growth combined with surging demand for memory products. AI applications are driving increased need for memory, and the company is well-positioned to capitalize. He's watching for management commentary on when more meaningful capacity will come online.

"We recommend owning the stock," he said.

Needham analyst Quinn Bolton also maintained a Buy rating and raised his price target from $200 to $300. He sees the memory market continuing to tighten with demand likely exceeding supply throughout calendar year 2026. Bolton raised his revenue and earnings estimates for fiscal 2026 and 2027 "substantially."

"Demand conditions in the data center market remain robust, driven by increasing hyperscaler and neocloud CapEx," Bolton noted.

That's a powerful tailwind for Micron that should help average selling prices and gross margins, the analyst said.

Wedbush analyst Matt Bryson joined the $300 price target club, maintaining an Outperform rating while raising his target from $220.

The Volatility Warning

Here's where things get interesting. Micron shares are up more than 176% year-to-date in 2025, which creates sky-high expectations. Investors likely anticipate another double beat and raised guidance. If the company fails to deliver on either front, the stock could see significant volatility.

Freedom Capital Markets Chief Market Strategist Jay Woods cautioned about potential turbulence in his weekly newsletter. He pointed out that shares have actually traded lower after posting results in four of the last five quarters.

"Shares have traded lower after posting results over the last four quarters and over five of their last six," Woods said.

That's a pattern worth noting. It could be a classic case of buying the rumor and selling the news, where shares rally heading into earnings and then get sold off regardless of the results.

What Management Said Last Time

During its fourth quarter report, Micron announced all-time highs for its data center business and said it was entering 2026 with "strong momentum." CEO Sanjay Mehrotra told investors the company was "uniquely positioned to capitalize on the AI opportunity ahead."

That sets the stage for Wednesday's report. Analysts and investors will be laser-focused on guidance and management commentary about future growth trajectories. The AI narrative remains central to Micron's bull case, and any signs of weakness there could rattle investors.

Recent Price Action

Micron stock closed down 2.10% at $232.51 on Tuesday, trading within a 52-week range of $61.54 to $264.75. The stock is up approximately 176% year-to-date in 2025, which means it's not far from its recent high of $264.75.

That proximity to all-time highs adds another layer of complexity. A strong beat could send shares to new records, while any disappointment could trigger profit-taking from investors sitting on massive gains.