30 Stocks That Should Double in 3 Years

11. Micron Technology Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 94

Micron Technology Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products. It has four segments: Compute & Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers.

On March 16, Baird analyst Tristan Gerra reiterated a Buy rating on the stock with a $130 price target due to its growth potential in AI-related memory products. Micron is positioning itself strategically to address the growing demand for AI. In Singapore, the company is building a new High-Bandwidth Memory advanced packaging facility, which will be the first of its kind in the country. Micron aims to invest about $7 billion in this project through the end of the decade.

The company’s FQ2 2025 revenue was $8.1 billion, with DRAM revenue at $6.1 billion, which was up 47% year-over-year. NAND revenue was at $1.9 billion, which was up 18%. HBM revenue exceeded $1 billion for the first time, which marked a 50% sequential improvement. It plans further growth in DRAM and NAND bit shipments in FQ3, with revenue projected at ~$8.8 billion.

Parnassus Value Equity Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2024 investor letter:

“Micron Technology, Inc. (NASDAQ:MU) posted fiscal-third-quarter results that met expectations. Micron’s DRAM (dynamic random access memory) and NAND (non-volatile storage technology) segments grew revenue strongly, continuing the company’s recovery from a cyclical downturn last year. We believe Micron is well positioned to capitalize on AI-driven demand for greater memory.”