F3Q26 Preview: Raising ests/PT in light of strengthening industry dynamics

研报英文原文证据摘录

F3Q26 Preview: Raising ests/PT in light of strengthening industry dynamics

Deutsche Bank

Research

Rating Company Date

Buy Micron 16 June 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 16 Jun 2026 (USD) 1,020.76

MU.OQ MU US NSM MU

Price target 1,500.00

TMT

1,087.99 -

Semiconductors 52-week range 104.88

F3Q26 Preview: Raising ests/PT in light

Valuation & Risks of strengthening industry dynamics

Melissa Weathers

Micron Technology (MU) is scheduled to report its F3Q26 (May-qtr) results after

Research Analyst

market close on Wednesday June 24th, 2026. A conference call to discuss results +1-212-250-2134

will be held the same day at 4:30pm ET (1:30pm PT).

Apoorva Kumar

Research Associate

DB Take: Raising ests and P/T on strengthening fundamentals +1-212-250-9286

We are raising our MU estimates into the co’s May-qtr report to reflect

Ross Seymore

strengthening industry demand dynamics, as well as MU’s soft pos-pre

announcement last month, where management noted a strengthened financial

+1-415-617-3268

outlook since its last earnings call. We now model May-qtr revs above the high-end

of guidance (DBe $35.1b), with bias to the upside on continued pricing tailwinds.

Key changes

Following our recent NDR with MU (note here) and our updates to our industry

1,000.00 to

supply-demand model (available upon request), we believe DRAM bit demand is TP 1,500.00 ↑ 50.0%

still set to vastly outpace supply growth in the coming years driven by more EPS (USD) 58.93 to 62.63 ↑ 6.3%

memory-intensive AI workloads (traditional & low-power DRAM emerging as key

110,341.8 to

growth drivers). This is despite new and accelerated capacity announcements from Revenue (USDm) 115,146.5 ↑ 4.4%

across the DRAM ecosystem announced in the last 180 days.