On January 13, KeyBanc analyst John Vinh raised the price target for Micron Technology, Inc. (NASDAQ: MU) to $450.00 from $325.00. The firm maintained an Overweight rating on the stock.
Analysts at the firm stated they see a stronger-for-longer cycle for Micron. They anticipate this memory cycle is structurally different from previous ones.
Greenfield capacity is not expected to come online until mid-2027 at the earliest, according to the firm's analysis. This underpins their view of the current cycle's strength and duration.
"We believe this cycle is different this time and will be stronger for longer," Vinh said in the firm's note. "Greenfield capacity not expected to come online until mid-2027 at the earliest."
The firm has kept its financial estimates unchanged. It noted these estimates remain well above consensus forecasts.
For fiscal year 2027 ending in August, the firm's revenue estimate is $94.4 billion with earnings per share at $45.20. This compares to Street consensus estimates of $89.6 billion and $40.88 per share.
Micron Technology develops and sells memory and storage products globally. Its products are used in data centers, mobile devices, and various industries.