Research · $MU · Micron Technology, Inc.

Micron: extraordinary memory profits meet an earnings test

We move to hold ahead of the next earnings release. AI memory demand is powerful, but normalized earnings and capital spending matter more than one exceptional quarter.

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Micron facility in Taichung, Taiwan, photographed in November 2023
Thingreenline4546 · CC BY-SA 4.0 · Wikimedia Commons

Stance

Hold

Risk

High risk

Reviewed

YieldCove Research Desk

Updates

2

6 min read

MU

The verdict

Members only
StanceHoldRiskHigh risk
Wheel fit
•••
CSP entry zone
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Fair value
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S&P Global’s September 22 preview reports FY2027 EPS consensus near $156, up from about $90 in March. That is substantially above our normalized $85 base assumption: our caution is an explicit cycle haircut, not an unnoticed omission of bullish estimates. If the higher earnings prove…

Inside this report1 chart2 tables2 updates6 min read

Stance track record

Every dated update and each stance change, in public. The analysis behind them is for members.

  1. EarningsStance unchanged
  2. ThesisStance changed from Accumulate to Hold

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