Rosenblatt Securities analyst Kevin Cassidy lifted his price target for Micron (MU) from $300 to $500 and maintained a Buy rating on the stock. The revised price target implies over 100% upside from current levels. The sharp price target hike comes after Micron posted results and guidance that came in well above Wall Street expectations.
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For context, Micron reported Q1 adjusted earnings of $4.78 per share, well above the consensus estimate of $3.96. Meanwhile, revenue climbed 56.6% year over year to $13.64 billion, also beating expectations of $12.91 billion.
Why This Top Analyst Is More Positive on Micron
The five-star analyst said Micron’s November-quarter results and its outlook for the February quarter were stronger than expected. He pointed to higher DRAM and NAND prices, along with steady cost cuts. Together, these led the company to guide for a record 68% non-GAAP gross margin in the February quarter.
He also expects demand for memory to stay ahead of supply through 2027, which should help support prices. Still, the analyst remained cautious looking ahead, noting that long-term supply deals could limit future price gains. As a result, he expects slower growth in revenue and margins after 2027.
Even so, he expects Micron to earn about $36 per share in fiscal 2027. Using a 14× earnings multiple, he raised his 12-month price target to $500.
Cassidy is a five-star analyst on TipRanks, ranking #194 out of 10,182 analysts tracked. He has a 58% success rate and an average return per rating of 21.10%.
Is Micron Stock a Buy Post Earnings?
On TipRanks, Micron stock has a Strong Buy consensus rating based on 27 Buys and two Hold ratings. The average Micron price target of $311.68 implies 25.4% upside potential from current levels. Year-to-date, MU stock has surged nearly 196%.
