Micron (MU) Stock Slides as Citi Lowers Target, DRAM Prices Seen Peaking in 2027
TLDR
- Citi cut its Micron price target to $1,150 from $1,400, keeping a Buy rating
- DRAM and NAND prices expected to peak in Q2 2027, then decline
- Micron stock fell more than 1.8% Friday and is down about 9% over the past month
- SK Hynix announced $38.15 billion in new chip fabrication investments in South Korea
- China’s YMTC and CXMT expanding memory capacity, flagged as the biggest long-term risk
Micron Technology (MU) stock dropped more than 1.8% on Friday, trading around $872, after Citi slashed its price target and SK Hynix announced a major new investment in South Korean chip manufacturing.
Citi cut its MU price target to $1,150 from $1,400, while holding its Buy rating. The bank reduced the valuation multiple to 8x from 10x on revised calendar-year 2027 earnings estimates.
“We trim MU TP to $1,150 from $1,400 based on 8x P/E vs prior 10x times revised C27 EPS to reflect lower market multiples on mixed memory peer results,” the Citi analyst wrote.
The target cut followed meetings with memory supply chain participants at the “Future of Memory and Storage” conference.
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