Wolfe Research Raises Micron Price Target to $200

Wolfe Research analyst Chris Caso raised the price target on Micron Technology (NASDAQ: MU) to $200 (from $180) while maintaining an Outperform rating.

“Reiterate Outperform rating, increasing price target to $200. Our $200 price target on MU is based on a 10x $20 EPS power.

We note that EPS is already annualizing at $15, and we raise our FY27 EPS to $19.19, which comprehends ~$60bn in revenue, and exiting the year at a 54% GM.

As a result, we think the bull case of $20 earnings power now goes from possible to probable, which we think supports a $200 price for the stock.

While the stock has had a strong move, the catalyst from the 2x HBM content increase when Rubin Ultra arrives in CY27 keeps us structurally bullish. Performance.

MU stock is up 78% over the last 12-months, slightly below SK Hynix’s 123% increase but better than Samsung’s 35% increase.

It has also outperformed indices fairly significantly with the SOX up 26% and S&P 500 up 16%.”

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