Overview
- UBS and Piper Sandler raised Micron price targets to $400 with bullish ratings, pointing to AI-driven demand, faster HBM obsolescence, and multiyear supply deals that temper traditional memory cyclicality.
- Mizuho lifted its Micron target to $390 in a 2026 sector outlook, favoring memory, accelerators, and optics and expecting Micron to outperform on valuation and growth.
- Micron has completed volume and pricing agreements for all of its 2026 high‑bandwidth memory output, while DRAM and NAND remain constrained as wafer capacity shifts to HBM and prior NAND cuts linger.
- Management plans roughly $20 billion in fiscal 2026 capital spending to add advanced‑node and HBM capacity, building on strong results and guidance tied to negotiated HBM pricing.
- A sector rally followed Trump’s public praise of Intel, with Intel up nearly 9% and gains of roughly 3% to 4% for Broadcom and Micron as investors leaned into AI‑linked chip names.