Micron Target Lifted to $450 on Soaring DDR5 Prices, Tight DRAM Supply

Overview

• Morgan Stanley’s Joseph Moore raised Micron’s price target to $450 from $350 and maintained an Overweight rating.
• DDR5 spot prices are up 30% year to date and stand 130% above January contract levels, according to the firm.
• Moore anticipates another round of significant Q1 price increases and says 2026 supply growth is unlikely to ease shortages.
• Mainstream DRAM pricing could potentially double again, with some late buyers already paying close to a high-teens ASP per GB.
• Analysts view memory makers as beneficiaries of the AI infrastructure buildout, while reports suggest Samsung is nearing Nvidia certification for next‑generation HBM.