Earnings Edge for the Week Ahead: Setups for Micron, Alibaba, lululemon, PDD, DocuSign, Oklo, Williams-Sonoma, FedEx, DLocal, Accenture, Macy's, General Mills, and Five Below

We’ll have our regular daily posts with Setups for ALL reporters, but I wanted to highlight some of the larger / more interesting names as we head into the week.

Relative Winners and Losers

Micron Technology (MU)

Bull Bullets: HBM Supercycle Lock-In, Margin Surge, and Deep Valuation Discount Converge

• With every unit of Micron’s 2026 HBM production pre-sold under locked price-and-volume contracts — a structure unprecedented in the company’s public market history — guidance for Q2 revenue of $18.7B and 68% non-GAAP gross margins implies a profit supercycle that consensus estimates have structurally underpriced. HBM4, ramping with high yields in CQ2 2026, adds a next-generation pricing uplift not yet in numbers.

• Micron’s HBM TAM is forecast to nearly triple from $35B in 2025 to $100B by 2028 at a 40% CAGR, and the company is positioned as the only U.S.-based HBM supplier to hyperscalers, giving it a geopolitically strategic moat that Samsung and SK Hynix cannot replicate domestically for critical AI infrastructure buildouts.

• Despite record-setting financial performance, MU trades at approximately 8–12x forward non-GAAP earnings versus the Nasdaq-100 average of ~24x, with 70 buy ratings, 4 holds, and 1 sell among Wall Street analysts, and a consensus price target near $383 — representing a meaningful valuation re-rating opportunity if Q2 guidance is confirmed or raised.

Bear Bullets: NAND Cyclicality, China Exposure, and Tariff Wildcards Loom