Wedbush Raises Micron Price Target to $320

Wedbush analyst Matthew S.

Bryson raised the price target on Micron Technology (NASDAQ: MU) to $320 (from $300) while maintaining an Outperform rating.

“Limited Structural Risk Through 2026? – Management guided for memory to be in undersupply through CY2026 given: 1) MU is only able to fulfill 1/2 to 2/3 of requirements at key customers and 2) supply increases are constrained (MU expects to lift DRAM and NAND bits by ~20%) by available clean room capacity.

And, the lack of available brick & mortar even appears to be limiting capex with MU’s increased outlook (from $18B to $20B) being less than had been anticipated.

Supply adds historically have been the greatest threat to upcycles, as such limits to adds support MU’s expectation tight conditions will last through next year.”

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