Micron Technology (MU) PT Raised to $175 at Deutsche Bank
Deutsche Bank analyst Sidney Ho raised the price target on Micron Technology (NASDAQ: MU) to $175.00 (from $155.00) while maintaining a Buy rating.
The analyst comments "Micron Technology (MU) is scheduled to report its F4Q25 (Aug-qtr) and FY25 results after market close on September 23rd, 2025. A conference call to discuss results will be held the same day at 5:30pm ET (2:30 PT). We are raising our estimates for the second time this quarter and reiterating our Buy rating on MU's shares into earnings. We see DRAM supply remaining tight into 2026 driven by HBM absorbing a significant amount of bit capacity (3:1 trade ratio and growing). This supply tightness should result in healthy ASP growth, driving GMs higher (DB sees clear path to >50% GMs). In NAND, we are encouraged by recent pricing momentum, as well as instances of rising content per device (see recent phone launches, hyperscaler eSSDs, etc.) We believe recent fears around HBM pricing in 2026 to be overblown, and see MU as particularly well positioned to maintain its HBM market share at still-attractive profitability levels. We don’t expect the company to offer much incremental commentary on current HBM contract negotiations given the uncertainty on supply in 2026 + uncertainty of timing of new product launches by customers. Given the rising importance of HBM in AI applications as well as a vastly favorable supply/demand environment, we see room for upside not only for MU’s estimates, but also its multiple. On higher estimates (CY26 revs rise +3% to $54.3b; EPS rises +6% from $14.55 to $15.45), we raise our P/T to $175 based on a consistent ~11x P/E. Reiterate Buy rating."