美光(MU.US)绩前获多家大行看涨：AI需求火爆，存储涨价潮将带飞业绩

Core Viewpoint - Micron Technology has established itself as a leader in the memory stock sector, particularly in the DRAM and HBM chip markets, which are currently experiencing high prices and strong demand [1] Group 1: Company Performance and Expectations - Micron is set to announce its Q1 earnings on December 17, with adjusted earnings per share expected to be $3.83 and revenue anticipated at $12.72 billion [1] - Deutsche Bank raised its earnings per share forecast for Micron for FY2026 by nearly 26%, now expecting $20.63, up from a previous estimate of $16.41 [2] - Deutsche Bank also increased its revenue forecast for Micron by 12%, from $53.2 billion to $59.66 billion [2] - HSBC initiated a "Buy" rating for Micron with a target price of $330 [2] Group 2: Market Dynamics and Trends - The memory bottleneck is becoming a significant issue for high-end AI server suppliers, including Dell, which reported rising memory costs and shortages [1] - Analysts predict that the upcoming memory cycle will benefit Micron, with HBM driving structural changes in the industry that could enhance its valuation [2] - Micron's stock has risen 172% year-to-date, outperforming the Nasdaq index, but has recently seen a pullback due to market concerns [3] Group 3: Future Outlook - Analysts believe Micron could benefit from a longer upcycle lasting 4 to 5 years, driven by increased AI spending from cloud service providers and limited production capacity [4] - The DRAM and NAND markets are expected to grow by 69% and 62% year-on-year by 2026, with Micron positioned as a major beneficiary [4] - Morgan Stanley noted that the current situation resembles the 2018 shortage, but with a much higher EPS starting point, indicating continued upward revisions [5]