Micron Technology (MU) PT Raised to $1,100 at Goldman Sachs

Goldman Sachs analyst James Schneider raised the price target on Micron Technology (NASDAQ: MU) to $1,100.00 (from $900.00) while maintaining a Neutral rating.

The analyst comments: “We expect the stock to trade higher following a very strong quarter with guidance that was well ahead of the Street, set against elevated investor expectations heading into the quarter. Importantly, Micron disclosed additional details regarding its strategic customer agreements - which we see as a significant positive. The company has signed 16 agreements across a range of end markets, most of which contain both floor and ceiling prices. The company currently has signed agreements representing about 20% of its anticipated DRAM volume (30% in NAND), and expects to cover ~50% of its expected revenue over time. We believe these agreements are a significant positive for the stock which could help increase the multiple on “peak” earnings investors are willing to pay for the stock. At the same time, the industry continues to accelerate supply additions to help satisfy customer demand - although we believe this will not be enough to drive any meaningful slack in the market until 2028 at the earliest. We remain Neutral-rated on the stock given our view of roughly balanced risk/reward at current levels, but would consider being more constructive on the stock if we see continued supply growth discipline continuing across the industry through 2028 and beyond.”

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