Think You Missed Out on Micron's Run? Think Again.

MU has surged nearly 350% over the past year on AI data center demand, yet the bull case argues the run isn't finished. The core thesis: memory supply is expected to stay tight through 2027-2028, which supports pricing power well beyond the current rally.

The most striking projection is for high-bandwidth memory. Prices are forecast to jump 70%-140% in 2027, a range that, if realized, would reshape earnings expectations from here.

Valuation is the other leg of the argument. MU trades at 14x trailing earnings and just 5x forward earnings, a gap that reflects projected earnings growth of 133%. For a stock up roughly 350% in twelve months, a forward multiple that low suggests the market is pricing in a sharp earnings ramp, or skepticism about whether it will arrive. That reading is interpretation, not reported fact.

A 12-month price target implies roughly 60% additional upside from current levels.

The bullish framing leans on two forecasts: tight supply through 2027-2028 and the HBM price jump. Both are projections, not delivered results, and the 133% earnings growth figure is similarly forward-looking. The multiple compression from 14x to 5x only holds if those estimates are met.