CLSA Affirms Outperform on Micron, $1,700 Price Target
CLSA analyst Sanjeev Rana reiterated an Outperform (2) rating and $1,700 price target on Micron Technology (NASDAQ: MU)
“Micron’s FY4Q EPS and FY1Q guidance wereahead of the consensus, driven by robust memory ASPs.
FY1Q revenue guide wasUS$61.5bn (8% above consensus) with a GPM of 86.3% and EPS of US$38.2(7% above consensus).The 75bps QoQ decline in GPM is related to higher labourbonus cost (US$1bn).
However, it guided for FY1Q to be floor for GPM in FY27,with a recovery beyond that driven by ASP increases. It expects memory demand and supply to remain tight overthe next two years.
FY26 capex wasUS$27bn (95% YoY), and it guided for FY27 capex of US$50bn+,with the majority of capex growth going to constructionof clean room space for use in CY28-30.
Weraise FY27/28CL EPS by 8%/18% and retainO-PF.”
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