Wolfe Research Lifts Micron Price Target to $300, Citing Strengthening Memory Pricing

Core Viewpoint - Wolfe Research has raised its price target on Micron Technology to $300 from $200, maintaining an Outperform rating, citing strong pricing trends that indicate significantly higher earnings potential through 2027 [1]. Group 1: Price Target and Earnings Estimates - The new price target of $300 reflects approximately 10 times the estimated earnings per share (EPS) of around $30 for calendar year 2027, driven by improving pricing for DRAM and NAND, along with strengthening server demand and stabilizing markets for handsets and PCs [2]. - Wolfe Research has increased its earnings estimates for the upcoming November and February quarters, as well as for future years [2]. Group 2: Earnings Growth Potential - Despite a prior rally in Micron shares due to the memory pricing upcycle, Wolfe Research sees a credible path to achieving $30 per-share earnings by 2027, supported by an aggressive ramp-up in high-bandwidth memory (HBM) [3]. - This projected earnings trajectory is expected to provide further upside potential for Micron's stock in the long term [3].