Mizuho Securities raised price targets on five technology stocks on Wednesday, citing strong memory demand and the growing impact of agentic artificial intelligence on the semiconductor sector.
The five companies are Micron Technology, SanDisk, Dell Technologies, Arm Holdings, and On Semiconductor. Mizuho kept an Outperform rating on all five.
Micron saw the largest percentage jump in its target, rising from $800 to $1,150. SanDisk’s target went from $1,625 to $1,825. Dell’s target moved from $300 to $350, Arm’s from $290 to $360, and On Semiconductor’s from $130 to $150.
Analyst Vijay Rakesh led the note to clients. He named Micron as Mizuho’s top pick in the memory space.
Mizuho said agentic AI is driving between 9% and 13% in incremental DRAM demand. The firm expects year-over-year DRAM demand growth of up to 30% or more.
Nvidia’s upcoming Vera Rubin platform is part of the reason. It carries three times the LPDDR5 content compared to the Grace chip, which adds to overall memory demand.
The total addressable market for high bandwidth memory is forecast to grow 90% between 2025 and 2028. Mizuho cited content and pricing tailwinds as the main drivers.
NAND demand is also holding up. The firm said enterprise SSD and KV Cache demand remains strong, with supply expected to tighten into 2027.
Mizuho projects Micron’s fiscal 2027 revenue will rise 70% year-over-year. Earnings per share are forecast to grow 85% over the same period.
The firm’s fiscal 2028 EPS estimate sits 41% above Wall Street consensus. That gap is driven by expectations of tight supply and continued pricing strength.
High bandwidth memory is expected to make up 23% of Micron’s fiscal 2028 revenue. Mizuho also forecasts HBM prices could rise 70% to 100% year-over-year in calendar 2027.
Micron’s stock has risen 832% over the past year to around $928. The new $1,150 price target is set at roughly 10 times the firm’s fiscal 2027 earnings per share estimate.
Other analysts have also been raising targets. UBS lifted its Micron target to $1,625, and Barclays raised its target to $1,175 following a five-year strategic customer agreement announcement.
Mizuho also noted that key non-AI customers for memory chips remain 30% to 50% undersupplied. That suggests demand is broad-based, not just driven by AI workloads.
Micron recently crossed a $1 trillion market cap for the first time and started production of advanced DRAM at its Manassas, Virginia facility.
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