Home Stock Ideas Long Ideas Tech Summary Micron Technology, Inc. retains a Buy rating, but my conviction is lower after a 143% rally and limited upside to my $873 base case. MU's earnings growth outpaced expectations, driven more by conventional DRAM and NAND pricing than HBM, with DRAM revenue reaching $39.8B and NAND $14.1B in Q4. MU's HBM4 allocation at Nvidia is smaller than hoped, but strategic customer agreements now cover over 75% of FY2027 shipments, providing demand visibility.
Valuation is less compelling as MU approaches my base case; risks include potential oversupply post-2028 and rising competition from CXMT in server DRAM. JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Ten months ago, I reiterated my Buy rating on Micron Technology, Inc. ( MU ) at about $343. At the time, much of my interest was in its HBM3E position and what the next generation 2.11K Followers Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU either through stock ownership, options, or other derivatives.
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