KeyBanc Reiterates Overweight on Micron, $1,750 PT
KeyBanc analyst John Vinh reiterated an Overweight rating and $1,750 price target on Micron Technology (NASDAQ: MU).
“We expect MU will post better results and higher guidance, driven by continued memory shortages and pricing upside, with DRAM pricing expected to be +15-20% q/q in 3Q26 and +15% q/q in 4Q following +45-55% in 2Q, while NAND pricing is expected to increase +30-40% q/q in 3Q and +15% q/q in 4Q following +75% q/q in 2Q.
We also remain constructive on MU’s HBM positioning, with MU fully qualified on HBM4 for Rubin and expected to benefit from HBM price resets in 1Q27, where we expect HBM4 pricing to be ~+100% y/y and HBM3E +150% y/y.
In addition, MU’s 16 multi-year LTAs (SCAs) represent >$100B of minimum contracted revenue with price floors for large hyperscale customers locking in >prior peak GMs (>61%).
We do not expect industry conditions to loosen until at least 2028, as clean room expansions do not begin contributing capacity until likely 2H27, and will still likely under-pace demand growth.”
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