UBS Reiterates Buy on Micron, $1,625 PT

UBS analyst Timothy Arcuri reiterated a Buy rating and $1,625 price target on Micron Technology (NASDAQ: MU).

“We are making slight adjustments to our model following our latest round of industry checks, the net of which is that we slightly trim estimates in the near-term due to a wider range of potential pricing outcomes for NAND through year-end and into C1H27…we now forecast industry NAND revenue of ~$300B in C2026 and ~$495B in C2027.

Net, for MU we adjust C2026/2027/2028E EPS to $74.13/$184.89/$265.65 – all still well above consensus – with the bigger point here being that our estimates reflect MU EPS remaining >$160 out in C2029 and the company generating >$450B in cumulative FCF through C2028.

To us, this increasingly looks like a structural reset in earnings power – where this kind of durability/visibility should command a shift toward a broader semi multiple.

We maintain our $1,625 PT based on ~11x NTM P/E our C2029 EPS of ~$165 (1-yr discounted), and reiterate Buy.”

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