Goldman Sachs Reiterates Neutral on Micron, $235 Price Target

Goldman Sachs analyst James Schneider reiterated a Neutral rating and $235 price target on Micron Technology (NASDAQ: MU).

“We expect the stock to move higher following a strong quarter with guidance that was far ahead of the Street, despite elevated investor expectations heading into the quarter.

HBM, conventional DRAM, and NAND markets have all seen contract prices rise dramatically over the last few months, driven by continued supply prudence across the supply base in addition to robust demand trends.

Importantly, Micron’s commentary suggests ongoing supply constraints in terms of cleanroom capacity driving limited bit growth of just 20% for 2026.

We expect Micron to continue executing on its HBM product roadmap, capturing roughly 20% share of a fast-growing, high-margin market.

We remain Neutral-rated on the stock given our view of roughly balanced risk/reward at current levels, but would consider being more constructive on the stock if we see continued supply growth discipline continuing across the industry into 2027.”

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