F3Q26 (May) Results: MUmentum continues

研报英文原文证据摘录

F3Q26 (May) Results: MUmentum continues

Deutsche Bank

Research

Rating Company Date

Buy Micron 24 June 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (USD) 1,048.51

MU.OQ MU US NSM MU

Price target 1,550.00

TMT

1,211.38 -

Semiconductors 52-week range 104.88

F3Q26 (May) Results: MUmentum

Valuation & Risks continues

Melissa Weathers

Micron results cleared a high bar, both financially and strategically. Financially,

Research Analyst

Micron posted another quarter of stunning results, with favorable pricing dyanmics +1-212-250-2134

driving revenues and GMs to extraordinary levels (GMs guided to ~86%,

approaching software-like profitability levels). More importantly, strategically Ross Seymore

Micron took a significant step towards reassuring investors that its business model

+1-415-617-3268

has fundamentally changed in an AI era. The company offered significant detail on

the nature of the "Strategic Customer Agreements" it is engaging in to ensure

Key changes

strong profitability through-cycle, with both the breadth of agreements (currently

1,500.00 to

at 16 signed with more to come) and depth of disclosures exceeding investor hopes. TP ↑ 3.3%

1,550.00

All told, this report reinforces our view that the fundamental dynamics underlying

EPS (USD) 62.63 to 73.10 ↑ 16.7%

the memory industry have structurally changed, as memory transforms from being

115,146.5 to

a commodity part to a strategic asset. As we published heading into earnings (note Revenue (USDm) ↑ 12.1%

129,093.1

here), we expect demand to exceed supply for a long time as the memory industry

Source: Deutsche Bank

adjusts its supply base to reflect this new reality. On higher estimates, we raise our

P/T to $1,550 and reiterate our Buy rating.