Rosenblatt Reiterates Buy on Micron, $200 Price Target

Rosenblatt analyst Hans Mosesmann reiterated a Buy rating and $200 price target on Micron Technology (NASDAQ: MU).

“We expect Micron to deliver a modest beat relative to its August 11 pre-announcement, with a stronger upside to consensus on the November quarter outlook.

Our Buy rating on MU is supported by constrained DRAM and NAND Flash wafer supply through 2026, alongside accelerating demand from AI workloads.

We expect that demand for DRAM has already exceeded available supply, and AI systems’ need to store massive volumes of data is driving strength in storage markets.

With HDD lead times stretching to 12 months, more costly eSSDs are increasingly filling the gap for nearline storage, pushing prices higher across segments.

Key topics of interest on the earnings call may include the current supply-demand balance, timing of greenfield capacity ramps, trade-offs across DRAM product categories such as HBM, GDDRx, LPDDR5, DDR5, and DDR4 and potential for customized HBM4 logic.

We view each memory cycle as establishing structurally higher peaks. The prior peak occurred in 3QF22 (May 2022) at $8.6B in revenue, 47.4% Non-GAAP gross margin, and $2.59 Non-GAAP EPS.

For the current up-cycle, we model Non-GAAP gross margin reaching at least 55% in 4QF26, supported by $14.5B in revenue and $4.78 EPS.

MU remains our top long idea as the memory up-cycle accelerates into FY26.”

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