Wells Fargo Lowers Micron Price Target to $1,400

Wells Fargo analyst Aaron Rakers lowered the price target on Micron Technology (NASDAQ: MU) to $1,400 (from $1,525) while maintaining a Overweight rating.

“Reit. OW into F4Q26 (9/30) as we see cont’d upside to NT results.

That said, we expect shares to be driven by further confidence in duration of memory tightness, expanding SCA engagements, & MU’s execution. PT $1,400 Raising FY27 & FY28 EPS.

We increase our FY26, FY27, and FY28 rev and EPS to $132.3B / $75, $261.3B / $166, & $287.8B / $178 – reflecting ~5% / >10% EPS increases for FY27 / FY28 vs. our prior ests and now ~5% above Street ests in both FY27 & FY28.

We now see thru-cycle EPS at $75-$90/sh estimated w/ a low-to-mid 70% GM%. driven by a favorable DRAM + NAND supply < demand continuing thru CY27 and anticipated expanding (positive) SCA visibility, Valuation.

We continue to believe increasingly visible structural attributes of the DRAM industry (HBM complexity, expanding memory hierarchy, & SCAs), coupled w/ MU's execution support a sustainable re-rate.

That said, we lower our PT to $1,400 (was $1,525; mid-teens P/E on $75-$90 thru-cycle EPS) as we expect investors continually debate MU's peak EPS (FY28 upside to $200/sh.?) & appreciation of SCAs.

We est MU FCF progressing to >$125B/annum w/ 100% shareholder return starting Dec ’26.”

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