Overview
- Mizuho published a research note on May 28 raising price targets and keeping Outperform ratings for five names, with Micron moved to $1,150 and SanDisk to $1,825.
- The upgrades also raised targets for Dell, Arm Holdings and On Semiconductor to $350, $360 and $150 respectively, reflecting broader exposure to higher memory content in AI systems.
- Mizuho quantified demand drivers, forecasting agentic AI could add 9–13% incremental DRAM demand and noting Nvidia’s Vera Rubin platform carries roughly three times the LPDDR5 content of its predecessor.
- The firm projects HBM prices could climb 70–100% by 2027 and expects the HBM addressable market to grow about 90% from 2025 to 2028 because no major new HBM capacity is expected through 2027.
- Analysts say the move amplifies a sector re-rating that began with Barclays and gives near-term revenue visibility for memory makers, but it remains vulnerable to faster capacity additions or a pullback in AI spending.