Deutsche Bank Raises Micron Price Target to $500

Deutsche Bank analyst Melissa Weathers raised the price target on Micron Technology (NASDAQ: MU) to $500.00 (from $300.00) while maintaining a Buy rating.

“Given the tightness discussed throughout this note, we see the current market environment as remaining favorable for MU in the coming quarters.

After adjusting our model for tight supply/demand dynamics and better pricing, we raise our CY26E EPS estimates to $46.50 and raise our $P/T to $500 (~11x our new CY26E EPS).

Our P/T is based on ~11x our CY26E EPS.

This target multiple stands above the company’s 5-yr median NTM P/E at ~10x, given the unprecedented tightness within the memory market as well as MU’s position as a top memory vendor.

Overall, our P/T reflects our confidence in MU’s ability to capitalize on HBM growth and improved memory-market dynamics, both of which should drive strong growth to the company’s revenue and EPS.

Downside risks include additional supply being brought on by competitors, a deterioration in memory pricing, changes in memory content per application, technological development at Chinese competitors, impacts to global manufacturing operations, technological challenges associated with product development, tariff-related uncertainties, and macroeconomic factors.”

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