Overview

• Micron shares have more than doubled in 2025 as demand for DRAM and high‑bandwidth memory to power AI data centers accelerates under tight supply.
• Morgan Stanley raised its price target to $220 with an Overweight rating, saying purchasing contacts show high conviction and the stock has more room to run.
• Micron reported Q4 revenue of $11.32 billion and full‑year revenue of $37.38 billion, with CEO Sanjay Mehrotra saying the company hit all‑time highs across its data center business.
• Management says HBM capacity is largely booked for 2026, reflecting strong traction for next‑gen memory tied to AI GPU deployments.
• Despite the rally, the stock trades near 12 times earnings with a forward PEG around 0.2, though investors flag cyclical memory demand and execution risks such as HBM yields and capacity scaling.