Citi Raises Micron Price Target to $1,200 on June 17, Lifts FY27 EPS to $114.73

According to Citi analyst Atif Malik on June 17, the bank raised Micron Technology's price target from $840 to $1,200 and upgraded 2027 EPS forecast to $114.73, maintaining a buy rating. The new target implies 10x forward 2027 P/E and potential upside of 17.6% from current levels.

Citi projects DRAM average selling prices will rise 200% in 2026 driven by AI data center demand and constrained supply, with a forecasted 5% global DRAM supply deficit. The bank expects NAND prices to climb 186% annually. Citi raised FY27 EPS estimates by 10% and now sees earnings-driven upside rather than multiple expansion, as valuations remain well below the 17x three-year peak despite the upgrade.