Micron's ridiculously cheap stock could triple from here, according to this analyst's math

D.A. Davidson analyst Gil Luria raised his Micron Technology price target to $3,000 from $2,100, arguing investors are undervaluing the stock’s growth and overlooking an upcoming buyback. The new target implies the shares could roughly triple from the current $1,016 level. Luria expects the market to assign a higher earnings multiple—about 19 times estimated EPS for fiscal 2027, ending in August—versus the stock’s current valuation near six times. He points to memory-chip demand outstripping supply for several years and says memory is a “lever” for stronger AI performance. A December buyback is also expected once restrictions tied to Chips Act funding are lifted, which could boost earnings per share. Micron was down 1.2% in morning trading.