Mizuho Reiterates Outperform Rating on Micron
Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $480.00 price target on Micron Technology (NASDAQ: MU).
“We see continued upside for MU into earnings on March 18, with memory and pricing tailwinds, as hyperscaler Capex continues to ramp (2026E Capex now estimated up 59% y/y).
We see: 1) MayQ Rev/EPS of $25.0B/$11.13 (8% above consensus $21.9B/$10.30) and AugQ Rev/EPS at $27.2B/$12.25 (7% above consensus of $24.2B/$11.48), 2) Upside with DD% q/q ASP growth in DRAM/NAND, while capacity adds remain limited, 3) HBM3e demand remains strong ahead of HBM4 launches with 30-45% higher ASP vs.
HBM3e tailwinds in 2026E, and strong LPDDR5 demand as we see 3X content on Rubin vs Blackwell, 4) NAND also seeing AI drive tailwinds with QLC eSSD and 3YY/4XXL transitions in 2026-27E.
Reiterate MU at Outperform-$480PT with a strong memory market and AI demand delivering better pricing/margins and supply remaining tight.”
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