Micron Earnings Ahead, 12 Banks Say Storage Price Gains Will Lift Margins and Shares

Twelve investment banks raised Micron Technology price targets ahead of the company’s earnings, citing AI-driven data‑centre demand, tight DRAM/NAND supply and rapidly rising ASPs.

Morgan Stanley raised its PT to $1,050 from $520, kept overweight and raised Q3 forecasts, expecting DRAM and NAND ASPs to rise roughly 20% QoQ. Wedbush lifted its PT to $1,300, raised FY guidance to $22.84 EPS (from $19.16) and revenue to $38.5bn (from $33.5bn), and also sees Q3 DRAM/NAND prices up ~20% QoQ.

Deutsche Bank raised its PT to $1,500, maintained buy, and said DRAM shortages could persist into 2028 or beyond; it models Q3 revenue at $35.1bn (above Micron’s guide upper $34.25bn) and sees 2027 EPS near $160 with gross margins above 80%.

Citi bumped its PT to $1,200, expects elevated storage pricing into 2027—especially HBM—and projects DRAM ASPs could rise ~200% this year. Stifel raised its PT to $1,500, saying current DRAM ASPs are roughly double Micron’s initial model; data‑centre contract pricing has exceeded $2.50/GB and consumer pricing remains above $1.50/GB, implying a ~20% QoQ revenue jump.

Jefferies flagged severe HBM tightness (global monthly wafer capacity ~330k today, ~480k by 2027 while near‑term demand could rise ~70%) and projects Micron Q3 storage ASPs +40–50% QoQ, Q4 +30–40%, and 2027 ASPs up ~40–45% YoY.

Bernstein, Needham, Hina International, Wells Fargo, Goldman and other houses also materially raised targets (PTs now spanning roughly $900–$1,750) and reiterated that sustained supply constraints and strong AI-related demand should keep pricing and margins elevated through 2027, with some firms extending shortages into 2028.