Bernstein SocGen Raises Micron Price Target to $1,300
Micron | Bernstein SocGen
Analyst
Mark Li
Date
June 22, 2026
12-Month Price Target
$1,300.00
Upside/Downside Implied
Upside 14.6%
Rating
Outperform
Bernstein SocGen Group analyst Mark Li raised the price target on Micron Technology (NASDAQ: MU) to $1,300.00 (from $510.00) while maintaining a Outperform rating.
“We raise forecasts for Samsung, SK hynix and Micron to reflect stronger-than-expected price increase in the near term, but more importantly our CY2027 projections as a result of higher HBM ASP as discussed above.
And we are now also notably above consensus in FY27 EPS by 25-38%. Earnings are forecast to rise almost vertically this year and into next year as well, and that will keep the stock prices strong.
We generally see the DRAM shortage to be more acute and remain for longer than we previously expected. We see DRAM prices can remain strong likely for most of CY27.
That said we do still believe with more clean rooms coming online, prices will likely soften in CY28.
And we hence still model revenue to decline YoY in FY28 for all three companies, that puts us below consensus, which apparently assumes very limited decrease in pricing.
Please note that our forecast still has DRAM industry gross margin at 70% exiting CY28, higher than peak margins in all past upcycles only except for CY18.
Valuing memory companies using P/B is tricky now as margins and return on equity will be reaching unprecedented levels (Exhibit 18).
Hence we cannot reference history to identify the right P/B multiple. We also note that cash position will also reach an unprecedented level, also making it complicated to value based on book value.
We hence switch to P/E based valuation, and we believe investors are also increasingly basing their valuation on earnings.
We set our target P/E close to historical trough levels to value peak cycle earnings. We raise target price to KRW440,000 for Samsung, at 6.2x 1 year forward P/E, representing 26% upside.
SK hynix target price is raised to KRW 3,300,000 at 6.2x forward P/E as well, representing 20% upside. Micron target price is set at US$1,300, at 7.7x P/E, representing 15% upside.”
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
