CFRA Raises Micron Price Target to $155

CFRA analyst Angelo Zino raised the price target on Micron Technology (NASDAQ: MU) to $155 (from $117) while maintaining a Buy rating.

“We up our 12-month target to $155 from $117, on a P/E of 11.5x our CY 2026 EPS view of $13.47, within its 10-year historical range and below peers given notable earnings volatility.

After posting better-than-expected May-Q results/guidance, we raise our FY 25 (Aug.) EPS view to $7.61 from $6.90, lift FY 26 to $11.81 from $10.98, and set FY 27 at $13.71.

We think MU is entering a period where its growth trajectory will be dominated by its rising HBM exposure, which is a lot less commoditized than other memory businesses.

We also believe that cyclical markets (PCs, autos, industrials) will improve in the coming quarters.

We see room for gross margins to expand (42% seen in Aug-Q with upside to +50% over time), historically an important component that drives MU’s share price, on higher volume and better pricing/mix.

We also like more aggressive U.S. expansion efforts (focused on HBM) in the face of likely greater tariffs for the chip industry, which should provide a competitive advantage to international peers.”

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