- Micron management sees stronger demand drivers than before, with server units growing into 2027 and agentic AI growing fast, framing longer-dated memory tightness as both demand- and supply-driven.
- Micron guided Q4 FY2026 revenue of $50B (plus or minus $1B), non-GAAP gross margin of approximately 86%, and adjusted EPS of about $31.
- Lynx Equity Strategies projects Micron CY28 revenue of $525B with 80% gross margins and $325 EPS, maintaining a $1,325 price target viewed as a floor.
- Lynx believes Samsung will maintain tight supply, prioritizing profitability over market share, which mitigates concerns about a future memory supply glut.
- Micron may resume share repurchases after US CHIPS Act funding restrictions expire in December 2026.
引述
“we are seeing stronger demand drivers than we've seen before”
“server units continuing to grow into '27”
“AI industry is in the very early innings of the agentic revolution”
“High market expectations mean that the fiscal 2027 outlook, demonstrating a durable and less cyclical earnings trend, could be more impactful than the headline Q4 results themselves .”