Piper Sandler Raises Micron Price Target to $275

Piper Sandler analyst Harsh Kumar raised the price target on Micron Technology (NASDAQ: MU) to $275 (from $200) while maintaining an Overweight rating.

“Substantially Raising Estimates on Eye-Opening Guide; Micron handily beat November quarter results, which was largely expected.

However, MU dropped an exceptional guide, beating the street on revenue and EPS by ~30% and ~75%, respectively. We note that the company is benefiting from extremely strong pricing in the near term.

That said, MU expects supply tightness to continue through calendar 2026 and beyond.

While MU is scrambling to increase bit capacity, in other words supply, by roughly 20% in 2026, we do not believe this is enough to alleviate supply shortages in the industry.

As a result, we expect strong pricing to persist. Accordingly, we are dramatically increasing our FY26 revenue estimate to $75 billion and our EPS estimate to $32.86.

We also highlight that MU updated its HBM TAM to $100 billion by 2028 ($35 billion in 2025), two years earlier than previously expected. Reiterate Overweight rating, PT to $275.”

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