2026-04-07 23:13:11

UBS has raised their price target from $MU to $535 from $510

We are raising our price target from ( to ) based on the same SOTP valuation method. We estimate a value of approximately $510 $535 ~#GateSquareAprilPostingChallenge for MU's core business in DRAM+NAND without HBM using a steady P/S multiple of around 3x, in line with the three-year average before C2024, when MU did not have contributions from HBM on the C27E revenue of $187.7 billion. Similarly, we estimate a value of approximately ~#CryptoMarketSeesVolatility for MU's HBM business by applying a P/S multiple of around 6x on the C27E revenue of $27.9 billion.

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GateUser-fa513b04

2026-04-07 22:33:46

UBS raises their $MU PT to $535 (from $510)
We raise our price target from $510 to $535 based on the same SOTP valuation method. We derive #GateSquareAprilPostingChallenge #CryptoMarketSeesVolatility ~$405 of value for MU’s Core DRAM+NAND ex-HBM business applying an unchanged ~3x P/S multiple in line with the 3-yr average prior to C2024, when MU had no HBM contributions on C27E revenue of $187.7B. Similarly, we derive ~$132 of value for MU’s HBM business by applying a ~6x P/S multiple unchanged on C27E revenue of $27.9B.

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