Micron Technology Inc (MU.O) Management Callback Notes

研报英文原文证据摘录

Micron Technology Inc (MU.O) Management Callback Notes

Micron Technology Inc (MU.O)

25 June 2026 Citi Research

Micron Technology Inc

Valuation

We set our target price at $1,400 or 10x C27E EPS, at a slight premium to its trading range during previous DRAM upturns given

an unprecedented pricing environment and the emergence of SCA’s. We expect continued EPS upside in 2027, namely from

HBM and a structural S/D imbalance.

Risks

Supply/Demand. Memory industry dynamics are dependent on the ability of DRAM and NAND suppliers to accurately align

supply with industry demand. As a result, if memory suppliers ship excess DRAM or NAND bits into the channel, it could lead to

an inventory reduction in the supply chain and lower pricing, resulting in downside to our estimates. Conversely, if memory

demand exceeds memory industry supply, it could lead to higher DRAM pricing, resulting in upside to our estimates.

Pricing. If Micron or one of its competitors lowers DRAM or NAND pricing, it could lead to lower contract/spot pricing, resulting

in downside to our estimates.

Capacity. If Micron or one of its competitors increases manufacturing capacity, it could result in excess bit supply if demand

fails to materialize. The latter scenario could cause lower DRAM or NAND pricing, resulting in downside to our estimates.

Conversely, memory capacity reductions could cause memory pricing to increase, resulting in upside to our estimates.

Competition: Micron faces a number of robust competitors in the memory market. Consequently, any fluctuations in market

share among companies in the industry could result in risk to our estimates.

If the impact from any of the above risks turns out to be greater/less than we expect, the shares could fail to achieve/exceed our

target price.