BUZZ-Brokerage Perspective: Micron Temporarily Eases Supply Concerns, Growth Becomes the Focus

October 1 - ** Micron Technology MU.O on Wednesday reported quarterly revenue (link) that exceeded Wall Street expectations, and said that the total value of customer orders under long-term supply agreements has risen to $32 billion, highlighting strong demand for AI memory chips.

** The median target price from 49 brokers covering the stock is $1,535 — according to data compiled by London Stock Exchange Group (LSEG).

Supply concerns ease

** Morgan Stanley (rating: “Overweight”, target price: $1,200) said that Micron Technology has clear visibility on its share of industry growth and that its latest guidance should help alleviate market concerns about rising supply.

** JPMorgan (“Overweight”, target price: $1,540) pointed out that MU’s strong earnings beats and raised guidance, expanded supply coverage, and tightening supply-demand outlook all reinforce expectations for multi-year earnings growth.

** TD Cowen (“Buy”, target price: $1,600) noted that Micron Technology (MU) will benefit from AI-driven growth in memory demand, especially for CPU memory used by AI agents, while this potential upside is not yet reflected in the signed long-term agreements.

** Morningstar (fair value: $700) “believes that Micron’s (HBM, high-bandwidth memory) share of total shipments and revenue will continue to grow, supporting performance growth and margins.”

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