Key Highlights
- Mizuho Securities upgraded price targets for Micron, SanDisk, Dell, Arm Holdings, and On Semiconductor
- Micron’s price target surged from $800 to $1,150; SanDisk increased from $1,625 to $1,825
- Agentic AI projected to fuel 9%–13% additional DRAM demand expansion
- High bandwidth memory sector anticipated to expand 90% from 2025 through 2028
- Micron named as Mizuho’s preferred selection in memory semiconductor segment
Mizuho Securities announced upward revisions to price targets for five technology companies on Wednesday, pointing to robust memory chip demand and the expanding influence of agentic artificial intelligence across the semiconductor industry.
The upgraded companies include Micron Technology, SanDisk, Dell Technologies, Arm Holdings, and On Semiconductor. Mizuho maintained its Outperform rating across all five stocks.
Micron received the most significant percentage increase in its price target, climbing from $800 to $1,150. SanDisk’s target advanced from $1,625 to $1,825. Dell’s projection increased from $300 to $350, while Arm’s rose from $290 to $360, and On Semiconductor’s moved from $130 to $150.
Analyst Vijay Rakesh authored the research note distributed to clients. He designated Micron as Mizuho’s preferred investment choice within the memory semiconductor sector.
Agentic AI Fueling Memory Chip Growth
Mizuho’s analysis indicates that agentic AI is generating between 9% and 13% in additional DRAM demand. The investment firm anticipates year-over-year DRAM demand expansion of 30% or higher.
Nvidia’s forthcoming Vera Rubin platform contributes significantly to this outlook. It incorporates triple the LPDDR5 content versus the Grace chip, amplifying total memory requirements.
The complete addressable market for high bandwidth memory is projected to surge 90% between 2025 and 2028. Mizuho identified increased content requirements and favorable pricing trends as primary catalysts.
NAND demand continues to demonstrate resilience. The firm reported that enterprise SSD and KV Cache requirements remain robust, with supply constraints anticipated to intensify through 2027.
Micron’s Financial Projections Lead the Pack
Mizuho forecasts Micron’s fiscal 2027 revenue will climb 70% compared to the prior year. Earnings per share are anticipated to expand 85% during the identical timeframe.
The firm’s fiscal 2028 EPS projection exceeds Wall Street consensus by 41%. This difference stems from expectations of constrained supply conditions and sustained pricing power.
High bandwidth memory is anticipated to represent 23% of Micron’s fiscal 2028 revenue. Mizuho also predicts HBM pricing could increase 70% to 100% year-over-year during calendar 2027.
Micron’s shares have appreciated 832% over the previous year, reaching approximately $928. The revised $1,150 price target equals roughly 10 times the firm’s fiscal 2027 earnings per share projection.
Additional analysts have similarly increased their forecasts. UBS elevated its Micron target to $1,625, and Barclays boosted its target to $1,175 following news of a five-year strategic customer partnership.
Mizuho also highlighted that significant non-AI customers for memory products remain 30% to 50% undersupplied. This indicates demand momentum is widespread, extending beyond AI workloads.
Micron recently achieved a $1 trillion market capitalization milestone for the first time and commenced manufacturing of advanced DRAM at its Manassas, Virginia production facility.
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