Rosenblatt Reiterates Buy On Micron, Sees Strength From AI Memory Demand

Core Viewpoint - Rosenblatt maintains a Buy rating and a $200 price target on Micron Technology, driven by strong demand for memory products due to AI workloads [1] Group 1: Demand and Supply Dynamics - DRAM demand has already surpassed supply, with AI systems increasing storage requirements and driving prices higher across markets [2] - Constrained DRAM and NAND Flash supply is expected to persist through 2026, contributing to growth [1][2] Group 2: Financial Projections - Rosenblatt projects non-GAAP gross margins to reach at least 55% in the fourth quarter of fiscal 2026, supported by $14.5 billion in revenue and $4.78 EPS [2] - The previous peak for Micron was in fiscal 2022, with $8.6 billion in revenue, 47.4% margins, and $2.59 EPS [2] Group 3: Investment Position - Micron is identified as Rosenblatt's top long idea as the memory up-cycle accelerates into fiscal 2026 [3]