Morgan Stanley Raises Micron Price Target to $450

Morgan Stanley analyst Joseph Moore raised the price target on Micron Technology (NASDAQ: MU) to $450.00 (from $350.00) while maintaining an Overweight rating.

“As much as happened in the last 12 months in DRAM, we remain excited for what’s ahead.

With another round of significant price increases coming in Q1 and still indications that supply growth in 2026 will do little to alleviate the intense shortage we expect further pricing increases through this year.

DDR5 spot pricing is up another 30% YTD and currently 130% above Jan contract (up 86% from Dec).

Meaning that mainstream pricing can double again and still be >10% below spot – and spot is still going up.

Further we have confidence that mainstream prices may approach that high teens ASP per GB level, as we are seeing buyers who were not early to lock in pricing paying close to that much already.”

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