Rosenblatt analyst raises price target for Micron following record quarterly profit
Micron Technology (MU) reported a strong fiscal fourth-quarter performance, with GAAP net income reaching $37.7 billion and adjusted earnings per share of $33.42—well above expectations. Despite the impressive results, investor reaction was muted as shares initially rose but then declined in premarket trading on October 1, 2026. Rosenblatt analyst Kevin Casidy responded by raising his price target for Micron to $1,900 from $1,500 while maintaining a Buy rating. The adjustment reflects confidence in continued strong pricing due to constrained supply and robust demand, particularly as the company anticipates slower DRAM bit growth over 2027–2028 compared to 2026. Cassidy also noted Micron’s strategic customer agreements and potential for gross margin expansion through fiscal 2027. The firm's Q1 guidance suggests a slight dip in margins, but the long-term outlook remains positive as high-bandwidth memory production challenges may prolong favorable market conditions.
Tickers: $MU
Topics: analyst rating Micron earnings stock price target upgrade