Stifel Raises Micron Price Target to $1,500

Stifel analyst Brian Chin raised the price target on Micron Technology (NASDAQ: MU) to $1,500.00 (from $550.00) while maintaining a Buy rating.

“We are increasing our estimates significantly above consensus, and PT to $1,500.

Our F3Q(May) changes reflect another big, upward shift in AI-driven demand; we now model a ~2x better DRAM ASP/Gb (ex-HBM) than implied by MU’s initial outlook.

With current contract set >$2.50/Gb for server and >$1.50/Gb for consumer PC/mobile, our new F4Q(Aug) estimates reflect +20% QQ revenue growth (conservative, if Jul-Aug contract moves higher).

Though we expect the pace of further ASP increase for conventional DRAM to moderate, we believe the key battleground/negotiation is for HBM, which our checks suggest could be revised up meaningfully (50%+ YY) for 2027, with increased agentic AI demand (related to CPU strength) for LPDDR5/DDR5 a key leverage point for suppliers, like Micron.

We now expect CY27 DRAM bit shipments to decelerate (from low-mid 20% in CY26), conditions that would promote ASP/mix remaining buoyant/favorable, enabling robust margin structures to persist (next 12-18 months).”