Micron’s price target raised at Wedbush ahead of Q3 results

Wedbush kept its Outperform rating on Micron Technology (NASDAQ:MU) and raised the price target on the stock to $150 from $130 ahead of the company’s fiscal third quarter results on June 25.

Analysts led by Matt Bryson said they believe memory pricing trends turned more positive in the calendar second quarter. The analysts added that while they don’t see as significant an inflection in the calendar third quarter (or C2H’25) as they had been expecting back in March, they still believe pricing for both DRAM and NAND memory will lift over the next couple of quarters.

The analysts said that in the current quarter, Micron guided for better shipments, though with pricing and margins expected to dip given — average selling price, or ASP, expectations; a shift in mix towards more consumer oriented parts (with retail/channel demand having driven thebetter bit expectations).

However, the analysts said, the shifting dynamics in the calendar second quarter, suggests that mix and ASPs likely trended better than Micron’s fiscal third quarter guidance had anticipated (both in DRAM and NAND). Thus, the analysts said that they were lifting their second quarter modeled expectations towards the high end of Micron’s guided range.

For fiscal fourth quarter 2025 and fiscal first quarter 2026, the analysts said, they are moderating their well above Street expectations to match their views that while pricing likely improves for both DRAM and NAND, gains are likely in the low to mid single digits, rather than the larger doubleinflections they had previously expected.

For full fiscal year 2026, the analysts lifted their growth expectations for High Bandwidth Memory, or HBM, in-line with — the strength they are seeing in demand for AI solutions through calendar year 2025; and the several new sovereign projects that look likely to boost requirements through calendar year 2026.

Bryson and his team said they view growing HBM requirements as not just positive for Micron’s numbers, but also ultimately positive for industry dynamics.

Shares of Micron fell about 1% on Friday.