Micron Technology (MU)

Outperform Recap: Q1 FY26

Maintaining Outperform: Q1 GM 530bps Above Guide, FQ2 Guide of $18.7B / 68% GM / $8.42 EPS Resets the Model, CY26 HBM Fully Sold Out on Volume AND Pricing, $100B HBM TAM Pulled Forward Two Years

Outperform Recap: Q4 FY25

Maintaining Outperform: Record Q4 With GM 370bps Above Guide, FQ1 Guide Clears the Street by ~$600M / ~250bps / ~$0.40, and the HBM Customer Base Widens to Six

Outperform Recap: Q3 FY25

Upgrading to Outperform: The Margin Inflection Arrives One Quarter Early, the FQ4 Guide Clears the Street by ~$800M and ~250bps, and Every Hold-Gating Concern Resolves the Right Way

Hold Recap: Q2 FY25

Initiating Coverage at Hold: HBM Crosses $1B and the Q3 Guide is a Record, But Gross Margin is Going the Wrong Direction Near-Term and the NAND Drag Stretches the Recovery Into FY26