RBC Capital Raises Micron Price Target to $525
RBC Capital analyst Srini Pajjuri raised the price target on Micron Technology (NASDAQ: MU) to $525.00 (from $425.00) while maintaining an Outperform rating.
“We are raising estimates significantly on continued pricing strength.
The key question is about duration—our base case is for pricing to increase through CY26.
While DDR price should eventually come down, tailwinds from HBM pricing and content (Rubin Ultra ~3.5x content increase) should continue through CY27.
Our new PT is based on 7x CY27E EPS and 2.7x year-end CY27E book value, largely consistent with prior peaks.
That said, we believe structural drivers (HBM, DDR/eSSD demand in data center) are playing a much larger role in the current supercycle, and we see room for multiple expansion as sustainability becomes apparent.”
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