JPMorgan Raises Micron Price Target to $220

JPMorgan analyst Harlan Sur raised the price target on Micron Technology (NASDAQ: MU) to $220 (from $185) while maintaining an Overweight rating.

“Micron delivered solid Aug-Qtr results, exceeding the early August positive-pre update (revenue, gross margin, and earnings) and provided a strong outlook for the Nov-Qtr.

The strong performance was driven by continued strength in HBM (up 33% Q/Q to $2B/qtr) and datacenter demand, alongside growth in consumer applications such as mobile and PC, as well as improvements in broad distribution, industrial, and automotive markets.

Pricing was better than expected for both DRAM and NAND, with HDD supply shortages supporting a more favorable NAND environment.

Blended DRAM pricing increased by low double-digits % Q/Q, reflecting a favorable product mix (notably strong datacenter growth) and tightening supply-demand dynamics.

Given the favorable pricing trends, gross margins were 45.7% for the Aug-Qtr, above the August positive-pre guidance, and was guided to 51.5% for the Nov-Qtr – marking the first time gross margins have crossed the 50% threshold since 2019.

Notably, management indicated that gross margins should continue to expand sequentially into the Feb-Qtr.

The HBM3E 12-Hi ramp is progressing well, with HBM market share now aligned with Micron’s overall global DRAM share here in calendar Q3.

We expect Micron to command a minimum of 22–23% HBM share in calendar year 2026, with realized share likely to exceed that level.”

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