Micron Technology (MU) is "well-positioned" to maintain its high bandwidth memory market share as recent concerns on HBM pricing in 2026 appear to be "overblown," Deutsche Bank said in a Monday research note.

Deutsche Bank said it expects dynamic random-access memory or DRAM supply to remain tight into 2026, driven by HBM absorbing a significant amount of bit capacity, adding that this supply shortage should result in healthy average selling price growth, further driving the company's gross margins.

For NAND flash memory, Deutsche Bank said it was "encouraged" by recent pricing momentum and rising content per device.

Eyeing the company's upcoming fiscal Q4 results on Sept. 23, Deutsche Bank raised its estimates on the company for the second time this quarter and said there's room for the stock's upside as well as its multiple, given the rising importance of HBM in artificial intelligence.

The firm reiterated its buy rating on the stock, but raised its price target to $175 from $155.

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