Micron Is Not Peaking Yet: AI Memory Demand Fuels Upside
TL;DR Summary
Micron Technology remains a Buy as AI-driven memory demand and high-bandwidth memory (HBM) strength support expanding margins and pricing power. In Q2 FY25, revenue rose to $23.86 billion with non-GAAP gross margin at 74.9%, underpinned by supply constraints and long-term agreements. The stock trades around 7x FY26 earnings, with a base target of $425–$430 and potential upside if supply tightness persists into 2026.
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