Rosenblatt reaffirmed its Buy rating and $200 price target on Micron Technology (NASDAQ: MU), citing strong demand for memory products driven by AI workloads.
The firm said it expected Micron to modestly beat its August 11 pre-announcement and deliver stronger-than-expected guidance for the November quarter. Constrained DRAM and NAND Flash supply through 2026, coupled with rising AI-driven demand, were seen as key growth drivers.
Analysts said DRAM demand had already outstripped supply, while AI systems’ storage requirements were lifting pricing across markets. Longer HDD lead times were driving more customers toward enterprise SSDs, pushing prices higher.
Rosenblatt modeled non-GAAP gross margins reaching at least 55% in the fourth quarter of fiscal 2026, supported by $14.5 billion in revenue and $4.78 EPS. The firm noted the prior peak came in fiscal 2022 at $8.6 billion in revenue, 47.4% margins, and $2.59 EPS.
Micron remained Rosenblatt’s top long idea as the memory up-cycle accelerated into fiscal 2026.
