J.PMorganNorth America Equity Research,25June2026Micron TechnologySubstantial Beat-and-Raise andMaiorSCAExpansionOverweightAnchor a Higher and More Durable Eamings Floor,Prce(24Jun26):$1,048.51Value Unlock Lever:Reit OWAPriceTarget(Dec-27);$1,540.00Prior(Dec-26):$550.00 Results and guid ance were far ahead of pre-call Street and buy side expectations,Semiconductors&SemiconductorCapitalEquipment/ITHardware,HarlanSurAc1-415)315-6700arlan.sur@jpmorgan.com'amdhaniramdhani@jpmorgan.comrganSecuritiesLLCKeyChanges(FYEAug)QuarterlyForecasts(FYEAug)Adj.EPS($)2025A2026E888173.69153.65StyleExposureCurrentHist%Rank(1=Top)Factors%Rank3Y5Y咖4万12的心12888学858000% return of excess cash tos the primary mechanism. We areforward estimates materally and establishing a December 2027PT ofSources for:StyleExposure-JIP.Morgan GilobalMarkets Strateg,allothertables are company data and J.P. Morgan estinatl
Harlan Sur ACIPMoroan5-670025June2026narian.sur@pmorgan.comPricePerformanceSummary Investment Thesis and ValuationInvestmentThesisOur Overweight thesis is based on memorv fundamentals1000remaining solid in the midterm and management's focus onimprovingprofiles segments500in its NAND segment).drivingbetter's increasing oroduct and endJul25Oct25Jan26Apr26should reduce revenuelearningsMUPrice($)S&P500(rebased)the company todo well in267dlar trends in data center丽259.9%698.9%uld help it reduce volatility toCompany Datawe believe Micron will be1,213.56-1,200,544positioned from secular trends in mobility,divesture of non-core asets, and cost-cuting efforts should help it improve gross margins andprofitability in the coming quarters.BBG ANR(Buy|Hold | Sell)ValuatiorKeyMetrics(FYEAug)We establish a Dec-27 PTof $1540(from $550 for Dec-261FY25AFY26EFY27E which is based on 10x(10-yrmedianP/E multiple) $154ofEPSinFY28EBITDAPerformanceDriversincomedMarKet35%Sector2%w from operationsMacro14%rgins and GrowthueGrowthY/Y(%)Style3%hY/Y（%)Idiosyn.owthY/Y(%)6M CorNet maroinMarket:MSCIUSj.EPSgrowth95.8%Sect:TechnologyInd:Semicond&SEquip解yr。Macro:EconomicSurprisedebt/EBITDACrudeOilNon-EnergyCommodityQuantStyles:QuaEVRBITDAAdj.P/E
HaranSurAcJPMorgan6700harlan.sur@ipmorgan.comother all-time high.stantially ahead ofQ/OandNANDMU's limitedrespectively)1% to a recordDataCenter$11.5B10%,O/0.GM87%),andNotably,Q3 also marked theICMR!l+CDBUcombinedSSDrevenue alone surpassing $5B.with operating leverageQtr revs were guided tolabove consensus of $43.1B, andwhat mgmtGM% was1.65B（+8%hgleverage.and EPS ofht also flagged that FY27opexchted to 2H FY27) to support anin"in F40 (implving~$30B+ trajectory, vs.F3Q's$18.3B record),aJ expects to receive an additional-$10B in customer cashdeposits during F4Q adlone as the SC.A franework contines to rollout,suporting ameaningful B/S sten-unheading intoCV27Increasing forward estimates and establishine Dec-27'of$1540-maintain0W rating. We increaseour forvard esimates We establish a Dec-27 PT of $1540,which is based on 10x (10-yr median P/E multiple) $154 of EPS in FY27
HarlanSurcoNorthAmericaEquityRosearchJ.PMorgan670025June2026harlan.sur@...
