Mizuho Maintains ‘Outperform’ Rating on Micron (MU), Lifts PT to $130

Mizuho analysts raised their price target for Micron Technology Inc. (NASDAQ:MU) to $130 from $124 on June 4. They also maintained an ‘Outperform’ rating on the shares. This adjustment comes ahead of Micron’s Q3 FY2025 earnings report scheduled for June 25.

Micron Technology's Price Target Raised Amid HBM Market Growth

A technician overlooking a circuit board being built and tested for a semiconductor device.

The price target increase stems from Mizuho’s analysis of Micron’s positioning in the High Bandwidth Memory (HBM) market. The analysts project that the HBM industry revenue will expand at a 55% compound annual growth rate (CAGR) from 2024 to 2027. They noted that a key driver of this growth is the adoption of HBM4 and HBM4e technologies.

Mizuho expects Micron’s HBM revenue to outpace the broader market, growing at a 90% CAGR over the same timeframe. The firm anticipates that Micron will capture increased market share, growing from approximately 10% in 2024 to 20-25% by 2025-2026. This expansion will enhance the company’s DRAM revenue while improving top-line performance and gross margins.

The analysts also highlighted Micron’s strong NAND technology roadmap, noting the company’s continued advancement toward more sophisticated 3XXL nodes. According to their assessment, these technological advancements and market share gains position Micron favorably for the upcoming earnings period and beyond.

Micron Technology Inc. (NASDAQ:MU) is a semiconductor company that designs and manufactures memory and storage solutions for various industries. It produces DRAM, NAND, and NOR flash memory. Its target customers operate across several markets, including data centers, mobile devices, automotive, industrial, and consumer electronics.

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