Micron Technology Substantial Beat-and-Raise and Major SCA Expansion Anchor a Higher and More Durable Earnings Floor; Capital Return Pivot Post-Dec 2026 Adds Another Value Unlock Lever; Reit OW

研报英文原文证据摘录

Micron Technology Substantial Beat-and-Raise and Major SCA Expansion Anchor a Higher and More Durable Earnings Floor; Capital Return Pivot Post-Dec 2026 Adds Another Value Unlock Lever; Reit OW

J P M O R G A N North America Equity Research

25 June 2026

Micron Technology

Substantial Beat-and-Raise and Major SCA Expansion Overweight

Anchor a Higher and More Durable Earnings Floor; MU, MU US

Capital Return Pivot Post-Dec 2026 Adds Another Price (24 Jun 26):$1,048.51

Value Unlock Lever; Reit OW ▲Price Target (Dec-27):$1,540.00 Prior (Dec-26):$550.00

Results and guidance were far ahead of pre-call Street and buy side expectations,

but to us the even more meaningful development was MU’s substantial expansion Semiconductors & Semiconductor

Capital Equipment / IT Hardwareof its Strategic Customer Agreements (SCAs) from a single 5-year contract

(announced last qtr) to 16 signed agreements, a step-change that in our view Harlan Sur AC

fundamentally transforms MU’s business model from cyclical commodity (1-415) 315-6700

harlan.sur@jpmorgan.com

producer to multi-year contracted supplier with significant downside protection on

both revenue and margins. May-Qtr revenue of $41.5B (+74% Q/Q, +346% Y/Y) Mayur Ramdhani

(1-212) 622-1664

leapfrogged Street consensus ($35.6B) with both DRAM and NAND ASPs mayur.ramdhani@jpmorgan.com

continuing to surge (DRAM +63% Q/Q, NAND +87%% Q/Q, per JPMe) as supply J.P. Morgan Securities LLC

remains structurally constrained, and GM% reached an all-time high at 84.9%.

Aug-Qtr guidance (rev/GM/EPS of $50B/~86%/$31) implies another sequential

step-up, though mgmt has guided to a “meaningful moderation in the rate of price Key Changes (FYE Aug)

increases” (consistent with our pre-call expectations), though in our view the Prev Cur Δ

Adj.