TLDR
- Mizuho Securities upgraded price targets for five semiconductor and tech companies: Micron, SanDisk, Dell, Arm Holdings, and On Semiconductor
- Micron (MU) received the biggest boost, with its price target surging to $1,150 from $800; SanDisk climbed to $1,825 from $1,625
- Agentic artificial intelligence platforms are projected to fuel 9%–13% additional DRAM demand expansion
- The high bandwidth memory sector is anticipated to expand by 90% from 2025 through 2028
- Mizuho names Micron as its preferred investment in the memory semiconductor category
Mizuho Securities delivered bullish upgrades for five technology companies this Wednesday, pointing to robust memory chip demand and the accelerating influence of agentic artificial intelligence across the semiconductor industry.
The upgraded companies include Micron Technology, SanDisk, Dell Technologies, Arm Holdings, and On Semiconductor. Mizuho maintained its Outperform rating across all five stocks.
Micron received the most substantial percentage increase in its price target, climbing from $800 to $1,150. SanDisk’s price objective advanced from $1,625 to $1,825. Dell’s target increased from $300 to $350, Arm’s rose from $290 to $360, and On Semiconductor’s climbed from $130 to $150.
Vijay Rakesh, the lead analyst, authored the client note and designated Micron as Mizuho’s preferred choice within the memory semiconductor sector.
Agentic AI Propelling DRAM Market Growth
According to Mizuho’s analysis, agentic AI technologies are generating between 9% and 13% additional DRAM demand. The research firm anticipates year-over-year DRAM demand expansion reaching 30% or higher.
Nvidia’s forthcoming Vera Rubin platform contributes significantly to this trend. The platform incorporates three times the LPDDR5 content versus the Grace chip, substantially increasing overall memory requirements.
The total addressable market for high bandwidth memory is projected to expand by 90% between 2025 and 2028. Mizuho attributes this growth to favorable content increases and pricing dynamics.
NAND demand continues to demonstrate resilience. According to the firm, enterprise SSD requirements and KV Cache demand maintain strength, with supply conditions anticipated to tighten heading into 2027.
Micron’s Financial Projections Show Exceptional Growth
Mizuho forecasts Micron’s fiscal 2027 revenue will climb 70% compared to the prior year. The earnings per share projection shows an 85% increase over the identical timeframe.
The firm’s fiscal 2028 EPS projection stands 41% higher than Wall Street’s consensus estimate. This differential reflects expectations for constrained supply conditions and sustained pricing power.
High bandwidth memory is anticipated to represent 23% of Micron’s fiscal 2028 revenue mix. Mizuho additionally projects HBM pricing could surge 70% to 100% year-over-year during calendar 2027.
Micron’s stock price has surged 832% during the past year, currently trading near $928. The revised $1,150 price target represents approximately 10 times the firm’s fiscal 2027 earnings per share projection.
Other Wall Street analysts have similarly increased their projections. UBS elevated its Micron target to $1,625, while Barclays raised its objective to $1,175 following disclosure of a five-year strategic customer partnership.
Mizuho’s research also highlighted that important non-AI memory chip customers remain 30% to 50% undersupplied. This indicates demand strength extends beyond AI workloads.
Micron recently achieved a $1 trillion market capitalization milestone for the first time and commenced manufacturing of next-generation DRAM at its Manassas, Virginia production facility.
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