Micron has all the leverage heading into earnings as memory supply constraints persist. But how long will this favorable cycle last? That’s the debate on Wall Street ahead of Micron’s fiscal 2026 fourth-quarter results due out Wednesday evening. While a strong quarter is expected, investors might be less focused on earnings-per-share and revenue beats. Instead, they will be more interested in signals about how long the memory shortage will last and whether there will be enough demand as new supply eventually becomes available. Analysts, according to LSEG, expect to see EPS of $31.49 on revenue of $50.9 billion. Micron makes a mix of semiconductor memory and data storage products that have seen demand dramatically outstrip supply thanks to the artificial intelligence boom. The most important products to know are dynamic random-access memory (DRAM) and a specialized version of DRAM known as high bandwidth memory (HBM). Micron also makes NAND flash memory for longer-term data retention. The supply-demand imbalance has led to soaring prices and a windfall for memory and storage stocks. That favorable backdrop has lifted Micron shares nearly 280% this year. Still, the stock remains over 10% below its June 25 record closing price of about $1,213 per share. The Club has a 1-rated buy on Micron. It’s one of Jim Cramer’s favorites, taking a spot in this month’s list of six stocks to buy. In fact, the Club picked up a few additional shares on Sept. 14. After recently visiting Micron headquarters in Boise, Idaho, Jim was even more convinced that the chipmaker is trading too inexpensively at only six times fiscal 2027 earnings estimates. On top of this, he said, “The price of memory is going higher, not lower.” During our September Monthly Meeting , Jim also said he hopes to see a “monster buyback” announced by Micron CEO Sanjay Mehrotra once its CHIPS Act grant restrictions expire in December. We’re in good company. Right now, 95% of Street analysts have a buy-equivalent rating on the chipmaker, including UBS, Wells Fargo, and Citi. Here’s a little bit of what those analysts said in recent notes to clients. “The investor focus should be on durability of demand and especially capital return,” UBS wrote Wednesday. While acknowledging buybacks won’t happen at Micron immediately, the analysts said they will be listening carefully for any capital returns commentary. On the demand side, they said that their latest research gives them confidence that the critical shortage conditions aren’t going away any time soon. “Our latest round of checks points to a gap between supply and demand that continues to widen into calendar 2027,” adding that fulfillment for DRAM is still floating at about 60%. UBS has a $1,625 price target on Micron stock, implying 50% upside. Wells Fargo also shared a similar argument Wednesday. “We expect shares to be driven by further confidence in duration of memory tightness, expanding strategic customer agreements (SCAs), and Micron’s execution,” analysts wrote, adding that both DRAM and NAND flash memory will continue to outpace supply. Wells Fargo sees Micron’s SCAs as an underappreciated source of protection if the memory cycle eventually turns, with roughly 40% of revenue expected to be supported by these minimum pricing commitments. The contracts, which Micron says cannot be cancelled, are the company’s way of simultaneously investing in the capacity it needs to boost output while shielding itself from potential future downturns in demand. The memory has historically been prone to devastating boom-and-bust cycles. Investors will pay close attention to SCA commentary as a window into a portion of future revenues that customers are contractually obligated to pay regardless of market conditions. To be sure, Wells Fargo did lower its Micron price target to $1,400 from $1,525, citing the ongoing debate over how high Micron’s earnings per share will climb. Micron has tremendous pricing power right now, which is exactly what Citi analysts expect to drive upside to quarterly results and guidance. The analysts on Tuesday said they’re expecting the stock to rally further as Semicon West approaches. The conference, which brings together chip companies and tech leaders, is slated for Oct. 13 to 15 in San Francisco. Citi expects equipment makers to continue talking about the shortages of DRAM and other products. Citi this week raised its Micron price target to $1,300 from $1,150. (Jim Cramer’s Charitable Trust is long MU. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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