Mizuho Securities has raised its target price for Micron Technology from USD 390.00 to USD 480.00, while maintaining an “Outperform” rating. The stock has delivered a staggering 328% gain over the past year.

The firm cites the ongoing uptrend in prices for traditional DRAM and NAND markets, and expects this will drive stronger revenue growth and margin expansion for Micron into 2026.

Mizuho estimates that average annual NAND pricing will rise by around 330% year-on-year in 2026 and by a further 50% in 2027, with supply remaining tight as demand from AI servers accelerates.

Mizuho’s forecast for Micron’s FY2026 results is 14% above market consensus, while its FY2027 estimates are 23% higher than the street.

Micron Technology is also preparing to announce new investments in memory chip manufacturing capacity in Singapore, focusing on NAND flash production. HSBC has raised its target price for Micron to USD 500, viewing the rapid rise in DRAM prices as a key driver.

Similarly, TD Cowen has lifted its target price to USD 450, noting that the worsening shortage in the memory market is impacting capex budgets. Stifel has also raised its target to USD 360, pointing out that the growth of AI cloud infrastructure has absorbed much of the DRAM output, leading to market tightness.

Market Commentary:

Capital has downgraded Micron from a “Buy” to a “Hold,” citing concerns over HBM3E and the fact that the stock is trading above its historical price-to-book multiples. These developments highlight the dynamic environment Micron faces as it navigates market demand and evolving analyst expectations.