We Won’t Say It, But We’re All Thinking It…

研报英文原文证据摘录

We Won’t Say It, But We’re All Thinking It…

Semiconductors & Semiconductor Equipment

Micron Technology, Inc. (MU)

EQUITY RESEARCH Company Update

June 24, 2026

We Won’t Say It, But We’re All Thinking It… Price: $1,048.51

Price Target: $1,500.00 In step with the robust AI compute demand environment, Micron offered

Rating: Overweight a very strong report overnight with combined May/August revs/EPS results

Key Statistics: and guidance of $91.5B/$56.11 vs. consensus of $79.5B/$46.58 (15%/20%

Symbol NSQ: MU better). The story once again is a very tight DRAM and NAND supply

52-Week Range 103.38 - 1,213.56 environment enabling meaningful ASP increases with mgmt suggesting

Market Cap 1,182,440.4 2027 just as tight as 2026 (we think worse), supporting a durable and ADV (3 mo) 50,883,408

elongated cycle (suggesting it is different this….never mind, we won’t say Shares Out (M) 1,127.7

it). As for new details, mgmt provided meaningful details on the company’s

new SCA’s that are take or pay, include up front cash, price corridors (price Research Analysts:

floor/ceiling), and represent ~40% of total company revenues (and 50% C.J. Muse

212-915-1935 + including market price SCAs) under long-term contract (5yr duration

CJ.Muse@cantor.com outside of Auto contracts). Our work highlights the company waited for

Jamison Phillips-Crone, CFA August Q pricing to be settled before signing contracts, highlighting to 720-320-9242

jamison.phillips-crone@cantor.com us that GM’s for Micron are indeed sustainable in the +80% territory (a

Matthew Prisco key focus for investors). And very importantly, we view these SCA’s as

212-610-2416 significantly altering price discovery moving forward, with Micron likely

Matthew.Prisco@cantor.com booked into the 3rd month of each Q by at least 70% vs.