Wells Fargo Raises Micron Price Target to $170

Wells Fargo analyst Aaron Rakers raised the price target on Micron Technology (NASDAQ: MU) to $170 (from $150) while maintaining an Overweight rating.

“What Matters Most • HBM Ramp: MU F3Q25 HBM up ~50% q/q, implying >$1.5B. MU reit CY25 HBM TAM at $35B+; low / mid-20% HBM share tgt in 2HCY25 (vs prior tgt ‘exiting CY25’).

HBM3e 12H > 8H on track F4Q w/ strong yields; HBM4 ramp in CY26. Customer expansion continued w/ high volume ship to 4 customers (GPU & ASIC) vs 3 noted last qtr.

We reiterate our HBM scenario analysis published earlier today – i.e., $80-$90B by CY28 ($100B+ upside potential; see here – model available upon request). • GM% Trending Higher.

MU guiding F4Q25 GM% at 42% +/-100bps and more importantly points to continued upward trajectory into FY26 – driven by 1.

Lean inventory; bits constrained into F1Q26 to drive optimized pricing decisions and 2. Continued data center + high-value solutions mix (note: consumer mix was a headwind during F3Q25).

We think investor sentiment will be focused on MU’s path to a 50%+ GM% thru FY26.”

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