Micron Technology (NASDAQ: MU) has delivered a multibagger performance over the past year, clocking stunning gains of 488% on the market during this period amid phenomenal growth in revenue and earnings.

However, the September Effect has taken a toll on Micron stock this month. Its shares are nearly flat in September as of this writing. But the stock's fortunes could turn around after the company releases its fiscal 2026 fourth-quarter results (for the recently concluded fiscal year) on Sept. 30.

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Let's see why that's likely to be the case.

Micron's outlook could exceed expectations

Micron Technology's revenue in the recently concluded fiscal 2026, which ended last month, reportedly increased by almost 3.5x year over year to $129.7 billion, according to consensus estimates. Even better, its earnings per share (EPS) are estimated to increase by almost 9x to $73.44.

This exponential increase in Intel's revenue and earnings has been fueled by strong demand for memory chips in artificial intelligence (AI) data centers, creating a severe supply shortage. The good news for Micron investors is that memory prices could keep soaring.

Intel CEO Lip-Bu Tan recently noted that the memory supply shortage could intensify. Tan points out that limited memory production capacity has led to a 5-7x increase in memory prices over the past year. He expects the shortage to worsen in 2027, suggesting that the exponential increase in memory prices could continue. This could set the stage for Micron to deliver stronger-than-expected guidance for the first quarter of fiscal 2027, which has just begun.

Analysts are expecting a 315% increase in Micron's revenue for the current quarter to $56.7 billion. Its earnings per share, meanwhile, are projected to jump by 7.3x to $34.88. These estimates clearly indicate that Micron's incredible growth is poised to continue in the new fiscal year. Moreover, Micron could post stronger growth due to the favorable memory market dynamics, driven by robust demand and short supply.

So, the company's upcoming report could boost investor confidence in the stock, especially following its muted performance this month. Throw in Micron's attractive valuation, and it is easy to see why buying this stock is a screaming buy right now.