- Citi analyst Atif Malik raised the Micron stock price target to $1,300 from $1,150, keeping a buy rating.
- DRAM prices surged more than 60% and memory supply remains tight, driving the upgrade.
- Micron stock closed at $1,071.88 on September 23, with the new target implying about 21% upside.
Citi raised its price target for Micron Technology (MU) to $1,300 from $1,150, maintaining a buy rating as DRAM prices surged over 60% and memory supply stays tight. The new target, set by analyst Atif Malik, implies roughly 21% upside from the latest close, according to data. Micron stock today sits at $1,071.88, while the Street average target stands at $1,515.
Malik raised his August and November quarter estimates after DRAM pricing came in stronger than modeled. He expects a rally into SEMICON West as equipment makers highlight DRAM shortages, and sees upside to fiscal Q4 estimates with DRAM and NAND still undersupplied. “DRAM and NAND industry demand continues to significantly exceed industry supply,” said CEO Sanjay Mehrotra on the fiscal Q3 earnings call. “We expect tight conditions to persist beyond calendar 2027.”
In fiscal Q3, DRAM prices rose in the low 60s percentage range and NAND prices in the mid-80s. Revenue reached $41.46 billion, up 345.7% year over year, with non-GAAP EPS of $25.11 and a record non-GAAP gross margin of 84.9%. Fiscal Q4 guidance calls for revenue of $50 billion and EPS of $31. Micron has also signed 16 Strategic Customer Agreements, mostly five-year take-or-pay deals through calendar 2030.
For 14 of those agreements, cumulative revenue at the minimum price is approximately $100 billion, backed by $22 billion in cash deposits and letters of credit. Mehrotra stated in the fiscal Q3 earnings release: “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.” MU trades at a trailing PE of 23 and a forward PE of just 7, with consensus fiscal 2027 EPS climbing to $156.53 from $117.86 ninety days ago.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
