Major Bank Ratings | JPMorgan: Raises Kioxia target price to 155,000 yen, multiple new catalysts emerging

Golden Ten Data, June 23rd | JPMorgan released a report stating that it remains optimistic about Kioxia's medium- to long-term growth trajectory and competitive advantages. As the supply and demand pressure caused by major shareholders selling their holdings dissipates, the bank sees multiple new catalysts emerging, including Long-Term Agreements (LTA), shareholder returns, and software solutions, which further drive up the company's valuation. In addition, the company's influence in the NAND market is expected to increase, mainly benefiting from the rising proportion of BiCS8/10, which leads to a sustained decrease in unit bit costs, as well as the introduction of ultra-high IOPS SSDs. The bank raised its earnings per share forecasts for Kioxia for the fiscal years 2026 to 2028 by 8% to 11% (9% to 41% higher than Bloomberg market consensus during the forecast period), increased its target price for December 2026 from 80,000 yen to 155,000 yen, and recommends investors accumulate the company's shares.