Overview
- Brokerage calls broadened this week, with BNP Paribas Exane lifting its target to $270, Morgan Stanley upgrading to Overweight with a $220 target, and UBS and Citi raising targets to $245 and $240, respectively.
- Micron posted fiscal Q4 2025 revenue of $11.32 billion and a 45.7% non-GAAP gross margin, closing a fiscal year with 49% revenue growth and sharply higher earnings.
- The company guided fiscal Q1 2026 revenue to about $12.5 billion with roughly 51.5% non-GAAP gross margin and projected adjusted EPS near $3.75.
- Management said AI-related products generated roughly $10 billion in fiscal 2025 revenue, and HBM capacity is effectively booked into 2026.
- Sell-side checks flag tight DRAM, NAND and HBM availability into next year that supports higher pricing, while Micron continues a $0.115 quarterly dividend.