Citi Upgrades Kioxia Target Price to 140,000 Yen from 73,000 on June 26

According to Citi, on June 26, the bank upgraded Kioxia Holdings' target price from 73,000 yen to 140,000 yen and maintained a "buy" rating with high-risk designation, citing strong enterprise SSD demand and sustained NAND supply tightness. Citi estimates Kioxia's stock has approximately 35% total return upside from its June 25 closing price of 103,850 yen.

The bank projects NAND market shortages will persist through 2027, driven by robust server and data center demand. Citi forecasts Kioxia's FY3/27 operating profit margin to reach approximately 81%, with margins expected to remain above 80% through FY3/29.