U.S. · ALPHAGBM RESEARCH

Goldman Sachs on Micron: tight supply, customer agreements and capital returns

2026-09-13 · 1 min read · AlphaGBM
institutionalmemoryai-infrastructure

At a glance

Goldman Sachs maintains a Neutral rating on Micron (MU) and a 12-month $1,100 target in its September 11 earnings preview. Tight DRAM and NAND supply could support results above market expectations, although investor expectations are already elevated. The report focuses on pricing in new strategic customer agreements, share repurchase plans, HBM4 shipments and HBM4E sampling. Execution on the HBM roadmap and competitors’ longer-term capacity additions remain risks to pricing and market share. These are pre-earnings forecasts, not reported results; Neutral should not be presented as a Buy recommendation.

Publisher and reading scope

Publisher: Goldman Sachs
Publishing entity: Goldman Sachs & Co. LLC
Original report date: 2026-09-11
Archived: 2026-09-13
Material reviewed: Report summary

Institutional views and platform commentary are distinguished. Archiving is not a report update. Original files remain private and are not available for download.

Institutional view

Goldman Sachs maintains Neutral with a 12-month $1,100 target. It expects tight memory supply to support results, while recognizing elevated investor expectations.

Assumptions

The outlook depends on DRAM and NAND pricing, product mix, HBM execution and long-term customer agreements.

Key takeaways

The earnings debate extends beyond quarterly results to long-term contract pricing and capital returns. Tight supply does not translate into a Buy rating in this report.

Risks

Longer-term capacity additions, competitors’ market-share gains and HBM roadmap execution could change pricing and outcomes.

What to watch

Watch new contract pricing, repurchase plans, HBM4 shipments and HBM4E sampling.

Source and scope

Based on the key-view, valuation and risk passages in the supplied Goldman Sachs report. EPS figures differ across parts of the document and are omitted here. The institution may have business relationships with covered companies. Ratings and targets reflect report-date views, not AlphaGBM recommendations. The PDF is not distributed.

Original sources

Goldman Sachs · Goldman Sachs on Micron: tight supply, customer agreements and capital returns · 2026-09-11

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