Micron Technology(US:MU) 智通财经网·2026-02-12 01:53Core Viewpoint - Morgan Stanley has raised its earnings forecast and target price for Micron Technology (MU.US) due to ongoing supply shortages, reiterating an "overweight" rating and increasing the target price from $350 to $450 [1] Group 1: Earnings Forecast and Price Target - The analyst Joseph Moore expressed excitement about the future of the DRAM sector despite significant changes over the past 12 months [1] - The report anticipates further price increases this year, with DDR5 spot prices rising 30% year-to-date and currently 130% higher than January contract prices [1] - Micron's earnings per share could reach $52 in 2026, driven largely by high bandwidth memory and strong demand from Nvidia [1] Group 2: Market Dynamics and HBM - HBM is a critical component of the market, and its health is essential for justifying higher valuations based on the "higher highs, higher lows" logic [2] - Despite ongoing concerns about Micron's position in HBM4, the rising DDR5 prices have made the market more attractive, with no expected negative impact on earnings [2] - Micron has stated that it is in mass production of HBM4 and has begun shipping to customers, with its HBM supply for the 2026 calendar year already sold out [2]