Micron Technology (MU)

MU Preview - Micron is well-positioned to deliver results and an outlook that exceed Street consensus estimates. While the market has acknowledged the severe AI-driven supply-demand imbalance, investors continue to underestimate both the duration of this tightness and its resultant pricing tailwinds.

With CY1Q26 nearly complete, market consensus for a surge in DRAM pricing aligns with our view. However, we see significant upside for CY2Q26, where we project a >40% increase, above the 20-30% currently baked into expectations. For CY2H26, we forecast an additional >20% jump, outperforming the conservative 15-20% Street forecast.