Goldman Sachs: Raises Micron price target to $1,250, maintains "Neutral" rating.

Goldman Sachs published a research report stating that Micron reported strong quarterly results and guidance, and signed new customer agreements and raised capital expenditure to support increased supply. The bank raised its target price from $1,100 to $1,250, maintaining a "Neutral" rating. Similar to its peers, Micron continues to see DRAM and NAND supply-demand tightness extending into 2027 and 2028. The company has signed 10 additional long-term agreements, collectively accounting for approximately 35% of expected revenue through fiscal year 2030, of which about 75% include structured pricing frameworks. The bank continues to view these agreements as positive for the stock price, helping to increase the valuation multiple investors are willing to pay for peak earnings. Meanwhile, the industry continues to accelerate supply increases to meet customer demand, but the bank believes meaningful market easing will not emerge until 2028 at the earliest.