Micron Technology(US:MU) 智通财经网·2025-09-24 13:36Core Viewpoint - Micron Technology (MU.US) is expected to show a "broad-based strength" following its quarterly performance and guidance that exceeded expectations [1] Financial Performance - Micron's Q4 sales increased by 46%, reaching $11.3 billion, surpassing analysts' expectations of approximately $11.2 billion [1] - The adjusted earnings per share (EPS) were $3.03, exceeding the average analyst forecast of $2.84 [1] - For Q1 of fiscal year 2026, Micron expects revenue of approximately $12.5 billion, above the prior average analyst estimate of $11.9 billion [1] - The projected adjusted EPS for Q1 is around $3.75, higher than the previous forecast of $3.05 [1] Analyst Ratings and Price Targets - Wells Fargo analyst Aaron Rakers reiterated an "Overweight" rating on Micron, raising the target price from $170 to $220, and increasing the EPS forecast range from $15-17 to $16-18 [1] - Wedbush analyst Matthew Bryson also raised the target price from $200 to $220, noting that Micron is benefiting from the first "long-term upcycle" since 2018 [2] - Other firms, including Barclays, KeyBanc Capital Markets, Piper Sandler, Rosenblatt Securities, and Needham, have also raised their target prices for Micron following the earnings report [2] Market Outlook and Product Demand - Micron anticipates that all HBM products will be sold out in the coming months, having shipped to six HBM customers, up from four in the previous quarter [2] - The potential market size for HBM is expected to exceed $100 billion by 2030, reinforcing Rakers' forecast of over $80 billion by 2028 [2] - The industry may be on the verge of its first sustained upcycle since Micron's stock rose over 60% in 2018, with significant upside potential for fiscal years 2026 and 2027 [2] Challenges and Concerns - Morgan Stanley analyst Joseph Moore expressed surprise at the strong HBM performance but highlighted potential challenges, maintaining a "Hold" rating with a target price of $160 [3] - Moore noted that the stock price appears close to its peak and is considered "expensive" based on various valuation metrics [3] - He indicated that HBM3e prices may decline early next year, reflecting pricing established in 2024, and that competitors expect significant margin declines [3]