UBS: Micron Earnings Can Survive 80% Memory Price Decline

UBS says the supply-demand mismatch in memory will widen in 2027, and even if open market memory prices fall roughly 80% late in the cycle (back half of 2028), Micron's trough annualized EPS will still come in higher than the level the company is expected to guide for next quarter. The note frames the risk/reward as compelling. MU shares are down 2.3%.