UBS sees Micron’s earnings power entering a structural reset as memory tightens
TL;DR Summary
UBS argues Micron’s earnings power is set for a structural reset amid tight memory supply, noting Nvidia cut HBM content in its VR300 GPUs to 512GB from 768GB to stretch scarce memory. HBM premiums are widening, with 2027 industry HBM ASP seen up ~79% YoY and HBM4E potentially above $30/GB, while NAND demand remains healthy. UBS raises Micron’s 2026–2028 EPS to $74.13, $184.89 and $265.65 (well above consensus) and maintains a $1,625 target price, based on roughly 11x its predicted 2029 EPS of about $165.
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