Mizuho Raises Micron Price Target to $1,400

Mizuho analyst Vijay Rakesh raised the price target on Micron Technology (NASDAQ: MU) to $1,400 (from $1,300) while maintaining an Outperform rating.

“MU reported strong AugQ rev/EPS at $54.2B/$33.42, above consensus $51.5B/$31.84 and guided NovQ to $61.5B/$38.15, above cons. $56.7B/$36.03 with continued AI tailwinds.

Key points: 1) DRAM pricing up high-teens% q/q while NAND was up ~30% q/q, moderating into F27E, HBM Px reset in 2027E we est. up 70-100% y/y, with good NVHBM performance, 2) NovQ GM guided down ~75bps q/q to 86.3% trough with q/ q growth though the rest of F27E, 3) 26 SCAs (prior: 16), covering ~35% of revenue, extending into 2031E, as memory supply expected to tighten into 2028E, 4) F27E Capex being revised higher from prior ~$45B, to we est $55B, up ~80% y/y, (+ve LRCX/MKSI/ AMAT), and 5) F27E FCF reaching >$140B/yr with potential updated share returns post Dec’26.

Reiterate Outperform; raise estimates and PT to $1,400 from $1,300 as MU remains well-positioned with a strong roadmap in AI DC and extended visibility.”

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