Wedbush Morning Call - Jun 18 2026 7:01AM

研报英文原文证据摘录

Wedbush Morning Call - Jun 18 2026 7:01AM

■ Net, even with our FQ3 estimates at the top end of consensus, we see room for MU to likely exceed our revised model,

with DRAM ASPs being the single most influential input in determining income/EPS.

● We are modeling further upside for MU's FQ4 (though again, we see even our new higher estimates as likely to prove

conservative).

■ Our checks have suggested that PX for DRAM and NAND likely lifts ~20% in CQ3. This outlook mirrors our new modeled

expectations for MU's FQ4.

■ But, we also have seen RDIMM pricing in secondary markets spike through May with speculation that gains could

continue through CQ3, a result that we see as implying room for greater forward contract PX increases.

■ And, we have encountered suggestions mix should improve (particularly for server DIMMs) with vendors more

aggressively lifting lower density modules (encouraging a higher ASP more profitable mix).

■ As such, we see our outlook for a 20% PX lift as leaving meaningful room for MU to either guide (or eventually report)

upside for FQ4.

■ In turn, we would point to our FQ1'27 and FQ2'27 numbers (which now also assume increasing PX, albeit at a slower

rate) as offering some view into how MU FQ4 results might play out, assuming PX indeed outpaces our current

assumptions.

With numbers moving higher, demand for AI seemingly set to remain robust through CY2027 (if not 2028), limited likelihood

of oversupply over the next 18 months, and finally a strong likelihood MU exceeds our estimates, we see no reason to shift

our positive view on the name. Our new $1,300 PT is calculated by applying a 9X multiple to our new FY'27 EPS estimates

and adding in net cash. We see this multiple as being at the high end of typical peak cycle valuations, but also again believe