Daiwa More Than Doubles Its Micron Target to $1,600 as the Memory Bid Holds Into June 24

The Daiwa Note

On June 10, Daiwa's SK Kim more than doubled his Micron price target to $1,600 from $700, maintaining a Buy rating. His thesis rests on three legs: AI memory demand that Micron can actually design, manufacture and ship; its seat as one of three dominant high-bandwidth memory makers alongside SK Hynix and Samsung; and the June 24 earnings call as the next catalyst. A $1,600 print implies roughly 75% upside from $911.60 — aggressive, but Kim is far from alone, and the timing is what matters: the note dropped straight into a tape that was already clawing back the prior week's chip selloff.

Why the Desks Keep Chasing It

Daiwa's number is the loudest in a chorus, not an outlier. Other desks have been ratcheting targets higher for weeks — UBS to $1,625, Susquehanna to $1,750, Raymond James to $1,100, Goldman to $900. The common thread is supply. Micron's entire 2026 HBM allocation is already sold out under long-term contract just as AI buildouts consume nearly all available memory capacity, and the broader memory rally has shrugged off weak-market sessions all spring. That pricing power has more than doubled MU in 2026. This 4.14% grind is the continuation of the post-selloff snapback, given fresh legs by the upgrade wave — not a reaction to a single hard headline.

What June 24 Has to Prove

Everything routes through fiscal Q3 earnings on June 24. Micron has guided to a record $33.5 billion in revenue, with the Street already modeling closer to $33.8 billion — roughly 3.6x the year-ago quarter — and non-GAAP EPS near $19.15, about 10x higher than a year ago. With the stock up triple digits this year and targets stretching toward $1,750, the bar is set high. A beat-and-raise validates the sold-out-HBM story and the $1,600-plus targets; any wobble on guidance or pricing commentary hands the profit-takers a reason to fade a name that has already run hard. At $911.60, the perp is pricing the bounce holding — the report decides whether it extends.