Wells Fargo Reiterates Overweight on Micron, $1,525 PT
Wells Fargo Securities analyst Aaron Rakers reiterated an Overweight rating and $1,525 price target on Micron Technology (NASDAQ: MU) on July 6, 2026.
“This morning Micron announced a new long-term supply agreement (SCA) with Ford Motor Company.
The press release highlights the inclusion of advanced DRAM production out of the company’s Manassas, VA fab.
The press release notes that this agreement was included in the 16 SCAs the company had discussed during its recent F3Q26 earnings.
We believe this highlights the breadth of MU’s SCA engagements; extending across the company’s customer base / segments.
Micron’s Auto & Embedded Business Unit (AEBU) accounted for ~11% of the company’s F3Q26 revenue and ~10% of the company’s total operating income.
MU’s AEBU GM% stood at 79.0% during F3Q26.
As a reminder, we believe Micron is the leading memory vendor in the automotive market.
During the company’s F3Q26 earnings call, MU highlighted that it sees robust long-term demand in the automotive segment; auto segment generally having 3-year terms.
The company highlighted that average auto memory + storage content for L2+ autonomy is over 5x the content w/in average vehicles; L2+ vehicles expected to expand to over 20% this year and 40% by 2030.”
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