D.A. Davidson Sees Micron Reaching $3,000 as Memory Supply Stays Tight

D.A. Davidson expects $MU to nearly triple to $3,000, arguing that tight memory supply could persist through 2027 and 2028.
The firm views customer de-specing as potentially bullish over the longer term: reducing memory per system may allow more systems to ship today but could create additional demand later as customers restore performance levels.
The thesis also argues that expanding long-term agreements with customers including $AMZN, $MSFT, $GOOGL, $NVDA and $AAPL could make Micron's earnings less dependent on the traditional memory cycle and support a higher valuation multiple.