BMO Capital Maintains Outperform on Micron, $1,300 Price Target
BMO Capital analyst Harsh Kumar reiterated an Outperform rating and $1,300 price target on Micron Technology (NASDAQ: MU).
“MU posted slight beat on results/outlook. F4Q (Aug) revenue of $54.2B was 6% above Street while F1Q (Nov) guided to $61.5B, 7% better. Upside driven by continued memory/storage demand.
Management expects supply/demand imbalance to tighten further into CY27 and CY28.
We believe investors appreciate stability and cadence in revs/GM growth.
Visibility improved as SCA customers increased to 26 (vs. previous 16). GM expands all through next year off the floor of 86.25% in F1Q. We remain buyers on improving stability and memory supercycle.
Reiterate outperform and $1,300 target price.”
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