Aletheia Capital Raises Micron Price Target to $650
Aletheia Capital analyst Warren Lau raised the price target on Micron Technology (NASDAQ: MU) to $650.00 (from $315.00) while maintaining a Buy rating.
“We raise our TP to $650 from $315, applying the same peak 3.5x FY27E PBR, as we double/triple FY26E/27E EPS estimates.
The surge in demand for AI training and inference continues to drive massive consumption of HBM.
At the same time, the rapid emergence of agentic AI workloads requires equally large volume (if not more) of diversified memories — server DRAM (CPUs), KV cache/SRAM, and CXL/ICMS.
Crucially, industry wide new DRAM and NAND supply in 2026/27 appears limited, with NAND unlikely to see a new cleanroom until 2028.
This supply constraint suggests that the current memory price upcycle may persist longer than expected, particularly for NAND, and potentially impacting HBM ASP.
As such, MU could emerge as one of the largest global chip suppliers—rivalling TSMC, the benchmark in chipmaking.
MU may also generate $150–200bn in cash flow in FY26–27E, providing ample financial options. Risks include end market demand, execution and geopolitics.”
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