Raymond James Raises Micron Price Target to $150

Raymond James analyst Srini Pajjuri raised the price target on Micron Technology (NASDAQ: MU) to $150 (from $120) while maintaining an Outperform rating.

“Micron’s F3Q results and F4Q outlook were both better than consensus.

Gross margins were ahead of our recent expectations, and are on track for further expansion in F4Q and FQ1 driven by pricing and mix tailwinds.

HBM revenue grew ~50% q/q once again, and management now sees the possibility of achieving its year-end share target one quarter earlier.

HBM4 roadmap looks solid, which could unlock further share gains in 2026. Mobile segment fared particularly well driven by customer inventory normalization, content increases, and likely some pull-ins.

NAND price declines are also moderating as demand/supply comes into better balance.

While potential consumer pull-ins and tariffs present some risk, we expect current DRAM up-cycle to extend well into 2026 on GenAI/HBM strength (and iPhone 17 content increase).

At 2.9x P/B, valuation is above prior peaks but is justified in our view given the secular HBM growth (on track to account for a third of DRAM sales in CY26).”

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