KeyBanc raised the firm’s price target on Micron (MU) to $215 from $160 and keeps an Overweight rating on the shares. The firm notes the company reported strong Q4 results/Q1 guidance, which well exceeded expectations. Results were mostly driven by strong DRAM pricing, which increased low double digits percentage, while Q1 gross margin is expected to increase to 51.5%. Addressing concerns, Micron noted it has pricing agreements with almost all customers in 2026 for HBM3E and indicated its HBM4 is able to achieve higher bandwidth/speed requirements and on track to support customer ramps in 2026. KeyBanc is encouraged by these results and as such is raising estimates.
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