BofA Securities Raises Micron Price Target to $950

BofA Securities analyst Vivek Arya raised the price target on Micron Technology (NASDAQ: MU) to $950.00 (from $500.00) while maintaining a Buy rating.

“Despite recent run s in memory stocks, we expect memory demand to continue outgrowing supply driven by AI, memory pricing to generally hold up (supply/demand sufficiency ratio not expected to rise above 110%), and memory (MU) earnings to remain relatively stable through CY28.

Given capital, packaging, and power limitations, we view memory supply elasticity as now structurally lower, and thus expect memory vendors (demand) to outperform equipment vendors (supply) over the medium term.

Accordingly, we raise MU est imates and PO to $950 from $500 on a much stronger mid -term pricing outlook, now based on sum-of-parts that values: 1) sustainable AI/HBM business at ~$240/sh (27x CY27 PE, in -line with AI compute peers), and 2) traditional cyclical DRAM/NAND business at ~$710/s h (3.1x CY27 P/B, in -line with historical upcycle).”

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