Stifel Raises Micron Price Target to $550

Stifel analyst Brian Chin raised the price target on Micron Technology (NASDAQ: MU) to $550.00 (from $360.00) while maintaining a Buy rating.

“Memory pricing is hitting levels we did not envision, evidence of the widening/persistent gap between supply and demand. • The real goldmine is not only HBM, but server DDR5; we forecast server RDIMM GMs expanding >80%, emphatically crossing-over HBM. • The historical weaker link is consumer, however price/bit here has doubled in recent months to $1+/Gb.

Overall, we now model blended GMs at “software-like” levels by mid-year (midupper 70s), persisting into CY26-end. • Our supply checks continue to suggest that memory supply remains relatively fixed over the NTM, thus we do not expect pricing strength to abate. • Bottom line, we think consensus is wrong and too low, under-estimating the slope and magnitude of upward revision potential over ensuing quarters. • As our +estimate revisions suggest, we now see FY27 pulling forward by ~1-year, upside we think is under-appreciated. • Target price increased to $550, a NTM P/E at the lower-half of its recent ~9-12x trading range.”

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