Aletheia Capital Raises Micron Price Target Significantly to $1600

June 16 — Aletheia Capital issued a strongly bullish research report on Micron Technology (MU), significantly raising its price target to $1,600 and forecasting that AI memory devices will represent more than 70% of the value of AI hardware systems by 2027. In the report, Aletheia projects Micron’s fiscal 2027 earnings per share (EPS) will surge 8.5 times from current levels, with an additional 1.8-fold expansion in fiscal 2028—adding up to a cumulative 15x increase. The firm also estimates Micron will generate between $350 billion and $400 billion in cumulative free cash flow (FCF) from fiscal 2026 to 2028. On the pricing front, Aletheia’s upward revisions outpace market expectations. The institution now predicts average selling prices (ASPs) for server DRAM will climb 30% in the third quarter of 2026, far above its prior forecast of a 10% to 15% rise, followed by another 10% to 15% increase in the fourth quarter of 2026. For high-bandwidth memory (HBM), Aletheia forecasts its ASP will double year-over-year in 2027. This outlook is rooted in explosive demand for HBM for AI training and inference, paired with high technical barriers on the supply side that support upward price trends. Likely boosted by this report, Micron’s stock price jumped more than 10% in trading yesterday.