Micron price target lowered to $98 from $112 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Micron (MU) to $98 from $112 and keeps an Equal Weight rating on the shares. The firm’s checks in DRAM have turned “remarkably positive in recent months” and though the firm agrees with the view that tariff pull forwards are a factor, “they are not the only thing driving pricing strength,” the analyst tells investors. The firm is raising estimates for Micron and is now 25% above consensus for the August quarter and 15% for November EPS, but takes down FY26 estimates slightly on account of potential macro headwinds, the analyst added.