Micron has more than doubled in 2025. Morgan Stanley sees more upside

Morgan Stanley thinks Micron Technology is in the early innings of another rally. The bank upgraded shares of the semiconductor manufacturer to overweight from equal weight. Analyst Joseph Moore also hiked his price target to $220 from $160, which signals upside of 17%. Shares of Micron have surged 123% this year. Moore pointed out that Micron's current valuation versus the one during its last cycle peak "suggests there's still healthy upside left," highlighting drivers such as growing earnings estimates and long-term artificial intelligence potential. "Micron is pushing the envelope on valuation as the group rallies, but we believe we are looking at multiple quarters of double digit price increases which can lead to substantially higher earnings power — and resolve any lingering questions