UBS expects that Micron's August fiscal quarter results and November fiscal quarter results will exceed market expectations, mainly driven by the increase in memory chip prices. UBS maintains a target price of $1,625, which is based on full-cycle profit estimates, although the model assumes that the storage industry will usher in a downward cycle in the later stages. UBS predicts that Micron's revenue for the fourth quarter of the 2026 fiscal year will be $52.4 billion and non-GAAP earnings per share of $32.50, which is higher than the company's guidance and market expectations. The report predicts that at least until the second quarter of 2028, DRAM will be undersupplied, and demand will grow faster than supply. UBS anticipates that Micron will implement share repurchases starting in the second quarter of fiscal year 2027, with an initial scale of about US$20 billion per quarter; by the end of fiscal year 2027, the quarterly repurchase scale will be close to US$50 billion.

UBS expects that Micron's August fiscal quarter results and November fiscal quarter results will exceed market expectations, mainly driven by the increase in memory chip prices. UBS maintains a target price of $1,625, which is based on full-cycle profit estimates, although the model assumes that the storage industry will usher in a downward cycle in the later stages. UBS predicts that Micron's revenue for the fourth quarter of the 2026 fiscal year will be $52.4 billion and non-GAAP earnings per share of $32.50, which is higher than the company's guidance and market expectations. The report predicts that at least until the second quarter of 2028, DRAM will be undersupplied, and demand will grow faster than supply. UBS anticipates that Micron will implement share repurchases starting in the second quarter of fiscal year 2027, with an initial scale of about US$20 billion per quarter; by the end of fiscal year 2027, the quarterly repurchase scale will be close to US$50 billion.