Piper Sandler Micron · MU

Piper Sandler Reiterates Overweight on Micron, $120 Price Target

March 21, 2025 Analyst: Harsh Kumar 1 min read Reproduced verbatim
Rating
Buy
Unchanged
Target
$120
Outcome
Reached
on June 17, 2025
Piper Sandler and Micron logos

What the analyst said

Piper Sandler analyst Harsh Kumar reiterated an Overweight rating and $120 price target on Micron Technology (NASDAQ: MU).

“Beat and Raise Demonstrates Steady HBM Progress, Margin Expansion a Concern; Micron reported results and guidance that exceeded St expectations across the board.

The company continues to benefit from its HBM ramp as revenues were up 50%+ in the reported February quarter.

Additionally, the company is now shipping its HBM3E product to a third large customer.

Guidance appeared to be solid on the top-line however gross margin commentary indicated that May quarter margins will be down while FYQ4 margins are only expected to be somewhat improved from Q3.

We also think that the company will exit Q1FY26 with a velocity of ~$2B in HBM revenues. The pressure on margins and revenues is coming from NAND where the company is adjusting its supply.

We continue to see Micron well positioned to benefit from proliferation of AI and data center expansion. We reiterate OW.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

MU trades at $905. The 27 analysts who set a target in the last 3 months range from $1,200 to $3,000, with a median of $1,540. This $120 target is 92% below the median, the lowest on the Street.

Since the note MU has moved +779% (from $103). The 12-month window closed on March 21, 2026.

Track record

This call✓ Target reached on June 17, 2025, 3 months after the note.

Firm track recordPiper Sandler: 88% of its 24 targets at least a year old were reached within 12 months (#8 of 28 firms); on Micron, 3 of 3. Accuracy ranking →

Piper Sandler on Micron

Piper Sandler price targets on Micron

6 calls from March 21, 2025 to January 7, 2026. The target went from $120 to $400 (+233%). The rating stayed Buy.

Piper Sandler targetMU share price
  1. January 7, 2026Target raised from $275 (+45%)Buy$400
  2. December 18, 2025Target raised from $200 (+38%)Buy$275
  3. November 17, 2025Kept the $200 targetBuy$200
  4. September 24, 2025Target raised from $165 (+21%)Buy$200
  5. June 26, 2025Target raised from $120 (+38%)Buy$165
  6. March 21, 2025 This noteEarliest call shownBuy$120
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Other analysts on Micron

DA DavidsonBuy Raised price target +43%, kept rating · Oct 7 $3,000from $2,100 BairdBuy Kept rating and price target · Oct 2 $1,520maintained CLSABuy Kept rating and price target · Oct 2 $1,700maintained Freedom BrokerBuy Kept rating and price target · Oct 1 $1,600maintained BernsteinBuy Kept rating and price target · Oct 1 $1,300maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.