Micron price target raised to $500 from $400 at BofA

BofA raised the firm’s price target on Micron (MU) to $500 from $400 and keeps a Buy rating on the shares. Given Micron’s view of a durable memory cycle that lasts into calendar year 2027 at the earliest, the firm is raising its FY26, FY27 and FY28 EPS estimates by 70%-100%, with calendar 2026 and 2027 EPS estimates of $69.88 and $76.50, respectively, the analyst tells investors following the company’s quarterly report. However, the firm also flags that spot prices have generally begun to stabilize and that gross margins may be near peak levels.