Needham Raises Micron Price Target to $500

Needham analyst N. Quinn Bolton raised the price target on Micron Technology (NASDAQ: MU) to $500.00 (from $450.00) while maintaining a Buy rating.

“Micron reported a beat and raise which was well above expectations into the print. Results were driven largely by better than expected pricing along with continued demand from the data center.

Our key takeaways include: 1) Better than expected outlook is due to continued supply constraints, as demand across the portfolio remains robust; 2) MU has now begun volume shipments of its HBM4 which has been designed for the Vera Rubin system from NVIDIA; 3) The company is seeing acceleration in demand for NAND due to KV cache offload and vector databases; and, 4) MU is working to expand its supply as CapEx for CY26 is now expected to be above $25BN.

This spend will predominantly be used to expand DRAM and HBM investments. We increase our PT to $500 PT, now based on a 2.3x multiple of our F1Q28 TBV per share estimate of $218.81”

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