Mizuho Raises Micron Price Target to $1,150
Mizuho analyst Vijay Rakesh raised the price target on Micron Technology (NASDAQ: MU) to $1,150.00 (from $800.00) while maintaining an Outperform rating.
“Reiterate Outperform and raise PT to $1,150 (prior: $800), 5.3x our F27E P/B (prior: 3.8x), a slight discount to SNDK at 5.4x, and inline to the group at ~5x. On P/E, our PT represents ~10x F27E EPS, with strong DRAM/NAND tailwinds driving F27E rev/EPS up 70%/85% y/y as HBM (23% of F28E revs) seeing potential 70-100% y/y C27E price increases, and additional tailwinds from Agentic AI ramping into 2027E, and upside to both DRAM/NAND demand with no significant capacity ramps through C27E, while key non ex-AI customers remain 30-50% undersupplied.
We note potential additional upside with LTAs extending customer agreements into 2028E and broadening across consumer/PC/handset, joining some data center customers with our F28E EPS now 41% above consensus as we see upside driven by continued tight supply and pricing tailwinds.”
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