UBS Report: Micron FQ4 Revenue Forecast at $52.4 Billion, Buyback Restrictions to End in December

UBS maintains a 'buy' rating for Micron Technology with a target price of $1,625. The report highlights that the DRAM supply-demand gap is expected to persist through 2027, driven by strong server DDR and SSD demand. Micron's FQ4 revenue is projected to reach $52.4 billion, with performance bolstered by pricing gains in DRAM, NAND, and HBM. Additionally, share buyback restrictions under the CHIPS Act are set to expire on December 9, 2026, with UBS anticipating buybacks to commence in February 2027 at an initial quarterly scale of $20 billion, potentially rising to $400-$500 million.