Analyst Boosts Micron’s (MU) Price Target Higher DRAM and NAND Pricing

Micron Technology Inc. (NASDAQ:MU) is one of the 10 Most Undervalued Semiconductor Stocks to Invest in. On December 16, Needham raised Micron Technology’s (NASDAQ:MU) price target from $200 to $300, a staggering 50% increase. The firm also maintained the prior Buy rating on the stock. Needham estimates Micron’s tangible book value at $96.15 per share by the fiscal first quarter of 2028, implying a $300 price target with a 3.1x tangible book value multiple.

The price target boost comes as analysts foresee demand comfortably outpacing supply throughout the next calendar year. This demand is also likely to contribute to higher DRAM and NAND prices, helping improve Micron’s margins. Micron’s HBM3E and HBM4 capacity is completely booked for the whole of 2026, with margins comfortably above DRAM averages. These DRAM averages are up 162% YoY, clearly reflecting bullish sentiment around the stock. As a result of this demand, Needham estimates Micron will likely update its 2026 capital expenditure forecasts to $20 billion.

Just a day prior to this, Wedbush analyst Matt Bryson also maintained his Outperform rating on MU, upgrading the price target from $220 to $300. CNN’s analyst estimates show a highest price target of $362, based on 40 price targets. The back-to-back price target upgrades move the stock’s median price target of $280 further above, suggesting Micron is still undervalued according to analysts.

Micron Technology Inc. (NASDAQ:MU) is a semiconductor company that provides memory and storage solutions, both of which have become increasingly important in the high-performance computing era. The company employs over 53,000 people and is based in Idaho, United States.

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Disclosure: None. This article is originally published at Insider Monkey.