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Citi downgraded Micron, forecasting DRAM and NAND prices will peak in the May…

2026-08-07 · 23:09 UTC ·@jukan05 ·0 min read

Brief

Citi downgraded Micron on expectations that DRAM and NAND QoQ price gains will slow and peak in the May (F2Q) quarter next year. The bank trimmed DRAM and NAND quarterly assumptions (notably NAND to -1% in May) and now models 2H27 down 3% (DRAM) and 5% (NAND) HoH, citing CXMT and YMTC capacity growth; US memory stocks fell sharply.

Why it matters

Citi downgraded Micron, forecasting DRAM and NAND prices will peak in the May (F2Q) quarter next year and that QoQ price gains will decelerate across the following four quarters.

Key details

  • Citi revised QoQ DRAM assumptions for Aug/Nov/Feb/May from 23%/10%/2%/0% to 23%/9%/2%/0% and now models 2H27 down 3% HoH; NAND assumptions were cut from 29%/9%/1%/0% to 29%/7%/0%/-1% with 2H27 now down 5% HoH.
  • Citi pins the weakness on capacity expansion at CXMT and YMTC; US-listed memory names sold off sharply following the note.
Source evidence

Citi cuts Micron price target on peaking memory prices

Citi downgraded Micron, arguing that both DRAM and NAND prices will see QoQ gains decelerate over the next four quarters, with pricing peaking in the May (F2Q) quarter of next year.

Specifically, Citi revised its QoQ DRAM price assumptions for the Aug/Nov/Feb/May quarters from 23%/10%/2%/0% to 23%/9%/2%/0%, and now models 2H27 down 3% HoH. NAND price assumptions were changed from 29%/9%/1%/0% to 29%/7%/0%/-1%, with 2H27 now cut to down 5% HoH.

Citi cites capacity expansion at CXMT and YMTC as the driver of the DRAM and NAND price declines.

US-listed memory names sold off sharply.