UBS Raises Micron Price Target to $400

UBS analyst Timothy Arcuri raised the price target on Micron Technology (NASDAQ: MU) to $400.00 (from $300.00) while maintaining a Buy rating.

“This week we hosted a series of bullish investor meetings/dinners with MU management (CEO, CFO, and IR).

The company struck a positive tone – particularly around the durability of the cycle and we are raising estimates and PT yet again.

Key highlights are below, but we still believe investors are underappreciating the degree to which AI has fundamentally made memory (DRAM in particular) a more strategic asset.

Investors are also underappreciating the EPS durability – in part because each generation of HBM becomes obsolete much faster than was ever the case historically with traditional DRAM.

Ultimately, this is now a dis-incentive for customers to build inventory, and these supply dynamics are what historically drove such severe cyclicality.

We believe this may argue for a re-rating of the stock and new ranges for key metrics like P/TBV. Net, we raise C2026E EPS from ~$41 to ~$45 and C2027E from $42 to ~$60.

We raise PT to $400 (from $300) and maintain our Buy rating.”

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