MULL: Wait For The Pullback Before Leveraging Micron's Growth

Impact · against what's priced in

Management's guidance for pricing power through FY28 provides a catalyst for MU by validating assumptions the market currently refuses to pay for. While near-term technical volatility is expected for leveraged products, the underlying fundamental outlook suggests a potential upward revision in long-term earnings power.

MU+0.30

Challenges what's priced in

The price assumes

Sustained pricing power and margin expansion beyond 2027

The market currently declines to pay for sustained pricing power beyond 2027; management's guidance extending this power through FY27-28 directly supports the bull case that the price has not yet internalized.

What MU's price assumes · Sep 9

• guidance
• MU
• rates
• semiconductors
• etf
• memory chips
• volatility

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