Morgan Stanley Raises Murata's Target Price to 12,500 Yen Amid AI Server MLCC Boom

According to Morgan Stanley, on June 16, the investment bank raised Murata Manufacturing's target price from 5,100 yen to 12,500 yen and named it a top pick, citing surging demand for high-end multilayer ceramic capacitors (MLCC) in AI servers and data centers. Analysts Shoji Sato and others noted Murata holds a 40.8% global MLCC market share as of 2025, ahead of Samsung Electro-Mechanics and Kyocera.

Morgan Stanley forecast global MLCC shipment value will grow from $14.67 billion in 2025 to $24.25 billion by 2028, a compound annual growth rate of 18.2%, with AI server and data center MLCC demand expected to expand at roughly 100% annually. The firm simultaneously downgraded Kyocera to underweight, noting AI server boards require 15,000–25,000 MLCC units, about 10 times more than standard servers.