Major Bank Ratings | Cantor Fitzgerald: Memory shortages expected to persist until the end of 2028; raises target prices for Micron and SanDisk

Glonghui, June 9th｜Cantor Fitzgerald analyst CJ Muse pointed out that the memory market is at a significant turning point, and investors must reassess whether this traditionally cyclical industry has undergone a permanent structural change. Muse predicts that the DRAM and NAND markets will remain in short supply through the end of 2028. The firm estimates that global memory industry revenue will reach 1.21 trillion USD in 2027, with the DRAM market scale at about 850 billion USD and the NAND market at about 360 billion USD. By 2028, the overall market size is expected to approach 1.4 trillion USD. Based on an optimistic outlook for the industry, the firm raised the target price for Micron to 1,500 USD and for SanDisk to 2,900 USD.