Wells Fargo Raises Micron Price Target to $470
Wells Fargo analyst Aaron Rakers raised the price target on Micron Technology (NASDAQ: MU) to $470.00 (from $410.00) while maintaining an Overweight rating.
“Reit OW into F2Q26 (3/18); increase ests & PT to $470 (was $410), ~9x CY27E P/E. We view set-up similar to last qtr – focus on HBM4 confidence, continued price inflation, LTA visibility, etc.
We now see peak EPS @ $50-$60/sh; $30-$40/sh thru-cycle.
HBM4: We expect MU to dismiss HBM4 competitive concerns (focus on NVDA Rubin cycle) – re-emphasize C1Q26 volume / yield ramp; 11Gbps pin speed + competitive positioning w/ in-house CMOS base die.
HBM4 mix crossover will be a focus looking into 2H; +20-30% ASPs uplift – note MU pulled forward its HBM4 volume ship ahead by a qtr (vs prior C2Q26) w/ all of CY26 allocated/sold – targeting ~15k wspm capacity by end of C2026 (30% of HBM output).
HBM4E sampling in 2H26 w/ volume target in 2027/2028.”
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