What Analysts Have Said About Micron (MU) Going Into Earnings

# Analyst Commentary Supporting a Prolonged Micron Upcycle * **TD Cowen (Krish Sankar):**“The role of memory in AI is structural, not cyclical.” * **RBC Capital Markets (Srini Pajjuri):**“Five to six more quarters” of DRAM upcycle remain. * **Deutsche Bank (Melissa Weathers)**:Supply tightness “could persist well into 2028 and potentially beyond.” * **Raymond James (Melissa Fairbanks):**“Unprecedented demand.” * **Mizuho (Vijay Rakesh):**“We believe there’s no clear line of sight on when the supply-demand imbalance could end as demand durability sees secular long-term tailwinds with DRAM/NAND as key AI enablers.” * **CFRA:**“We expect pricing to remain resilient well into 2027, fueled by higher AI capex spend and the greater wafer capacity needs for high-bandwidth memory.” * **BNP Paribas Equity Research:**“Long-term, we believe multi-year supply agreements support volume assurance with favorable margins and marks a turning point in transforming a historically cyclical industry into one of durable, profitable growth.” * **Cantor Fitzgerald**:The AI memory upcycle is “only in its early to middle innings.”