Mizuho has increased its price target for Micron Technology to $480.00 from $390.00 while keeping an Outperform rating on the stock. The new target implies upside relative to Micron’s recent share price of $405.36, which sits close to the company’s 52-week high of $412.43 after an exceptional 328% advance over the last year.
The research firm pointed to continuing pricing tailwinds in legacy DRAM and NAND markets as a primary rationale, saying those dynamics should support stronger revenue growth and improved margins for Micron into 2026. That assessment aligns with data showing Micron’s revenue expanding at 45.43% and a gross profit margin of 45.31%.
Mizuho emphasized industry supply and demand parameters for NAND when framing its outlook. The firm notes that no new NAND wafer capacity is expected to come online in 2026 and 2027, while NAND demand is forecast to expand by more than 20% year-over-year over that period. Against that backdrop, Mizuho projects annualized NAND pricing will climb roughly 330% year-over-year in 2026 and then increase about 50% year-over-year in 2027, with supply conditions tightening as artificial intelligence server demand accelerates.
On the company forecast front, Mizuho’s models produce estimates for Micron’s fiscal 2026 that are 14% above consensus and fiscal 2027 projections that are 23% above consensus. Separately, analysis indicates Micron is trading at a PEG ratio of 0.18, a level the analysis characterizes as suggesting the stock may be undervalued relative to its growth potential, even as current Fair Value metrics imply the shares appear slightly overvalued.
Other recent developments cited by analysts
- Micron is preparing to announce a new investment in memory chip manufacturing capacity in Singapore focused on NAND flash memory production.
- HSBC raised its price target to $500, attributing its action to a rapid increase in DRAM prices.
- TD Cowen increased its target to $450, pointing to worsening shortages in the memory market that are affecting capital expenditure budgets.
- Stifel lifted its target to $360, noting that growth in AI cloud infrastructure has absorbed DRAM output and created a market shortage.
- Aletheia Capital downgraded the stock from Buy to Hold and removed its prior $120 price target, citing concerns about HBM3E and the shares trading above the company’s historical price-to-book ratio.
These analyst moves reflect a fluid set of expectations around memory pricing, capacity additions and the pace of demand coming from AI-related server deployments. Micron’s stock performance and the recent flow of analyst revisions underscore how sensitive market views are to supply constraints and pricing direction in DRAM and NAND markets.
What to watch next
Key factors to monitor include the company’s forthcoming announcement on Singapore capacity investment, actual NAND price trends relative to the aggressive moves Mizuho forecasts for 2026 and 2027, and whether capital expenditure plans across the industry shift in response to evolving shortages. Observers should also track quarterly results and company guidance for confirmation of the revenue and margin trajectory implied by current analyst models.