Wedbush Raises Micron Price Target to $1,300

Wedbush analyst Matthew S. Bryson raised the price target on Micron Technology (NASDAQ: MU) to $1,300.00 (from $500.00) while maintaining a Outperform rating.

“We are reiterating our OUTPERFORM rating and raising our PT from $550 to $1,300 with our revenue and EPS estimates (for both FQ3 and the out quarters) increasing substantially.

With numbers moving higher, demand for AI seemingly set to remain robust through CY2027 (if not 2028), limited likelihood of oversupply over the next 18 months, and finally a strong likelihood MU exceeds our estimates, we see no reason to shift our positive view on the name.

Our new $1,300 PT is calculated by applying a 9X multiple to our new FY’27 EPS estimates and adding in net cash.

We see this multiple as being at the high end of typical peak cycle valuations, but also again believe 1) our numbers move higher and 2) that new LTAs should allow for a more sustained period of peak earnings than we have seen in past cycles and as such support multiple expansion from historical norms.”