Melius Affirms Buy on Micron, $2,200 Price Target
Since this note+3% MU $1,065.11 → $1,097.39 (Oct 2) · 3% of the way to the target
Melius analyst Ben Reitzes reiterated a Buy rating and $2,200 price target on Micron Technology (NASDAQ: MU).
“What matters here more than the 1Q guidance (8% higher than street on revenue and EPS) is 1) Micron said 2027 and 2028 would be tighter than 2026, with the 2028 commentary being new – and showing that industry capacity additions will be absorbed as HBM scales.
2) Gross margins will hit a floor in F1Q27 at 86.25%, and march higher as HBM margins expand (likely to continue in 2028) and 3) The company is clearly poised to increase its share repurchase authorization massively and begin buying back over $120B in stock in CY27, which should represent >10% of the market cap.
With 75% of FY27 revenue already committed, the company is seeing much more interest in SCAs even through 2031.”
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