Baird Raises Micron Price Target to $443

Baird analyst Tristan Gerra raised the price target on Micron Technology (NASDAQ: MU) to $443 (from $235) while maintaining an Outperform rating.

“Our $42 peak EPS estimate (F2027) assumes DDR5/NAND pricing rolling over starting C2H27 and gross margin relatively stable over the next six quarters, peaking in C2H26 slightly below 70%.

While Micron is currently only able to serve 50% to two- thirds of total demand, highlighting the tightest supply/demand environment in the company’s history, we are constructive on C2027 demand dynamics given major new product cycles (GPUs, XPUs) with significant increases in HBM content.

Outperform- rated.

New price target is $443.

Reiterating Micron as one of our top large-cap ideas, owing to AI-driven double-digit bit demand growth medium term, a secular improvement in mix, the best fundamentals in the company’s history and improving relative to peers, and market share lead in high-margin segments such as LPDDR5. – Our $42 peak EPS estimate for F2027 assumes DDR5/NAND pricing rolling over starting C2H27 and gross margin relatively stable over the next six quarters, peaking in C2H26 slightly below 70%.”

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