A Wall Street Analyst Just Placed a $3,000 Price Target on Micron: Here Are the Cases For and Against a 200% Surge in the Stock.

DA Davidson analyst Gil Luria set a $3,000 price target on Micron, implying 200% upside based on a structural memory supercycle driven by AI infrastructure. However, the article argues this thesis has flaws: Micron derives less than 10% of revenue from high-bandwidth memory (HBM) and is primarily benefiting from elevated conventional DRAM and NAND prices rather than HBM demand, making it vulnerable if these prices normalize.