Barclays Reiterates Overweight on Micron, $140 Price Target

Barclays analyst Tom O’Malley reiterated an Overweight rating and $140 price target on Micron Technology (NASDAQ: MU).

“What’s New: MU updated its guidance for Q4 FY25 citing better pricing, particularly in DRAM, and execution. Revenue guidance was raised to $11.2B (vs. $10.7B prior).

Gross margin guidance was raised to 44.5% (vs. 42.0% prior). Opex guidance was slightly higher to $1.22B (vs. $1.2B prior). EPS guidance was raised to $2.85 (vs. $2.50 prior).

Mgmt noted that shipment volumes remain in line with prior guidance, and that pricing remains strong across end markets with upside largely from datacenter, PC, and Mobile.

We are cognizant that others have definitely seen pull-forwards in the latter two markets.

Also noted that DDR4 is a small part of MU’s revenue (LP4 + DDR4 is ~HSD%, DDR4 is ~LSD%) and had a very small contribution to the upside.

Confirmed HBM3e 12-hi yield ramp to be faster than 8-hi and has crossed over from a volume perspective. Mgmt. is confident in selling out supply of CY26 HBM.”

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