Micron Technology, Inc. (NASDAQ:MU) is one of the best affordable growth stocks to buy. In a new note released on August 27, CLSA analyst Sanjeev Rana initiated coverage on Micron Technology, Inc. (NASDAQ:MU) with an Outperform rating and a price target of $155.
The analyst told investors that he sees Micron Technology, Inc. as a primary beneficiary of the growing AI spending, citing steady pricing in DRAM, solid demand for high-bandwidth memory (HBM), and signs of recovery in NAND.
For NAND, the analyst sees signs of recovery with rising demand for enterprise SSDs and a supplier hold-back on aggressive spending.
Rana also stated that Micron Technology, Inc.’s pivot towards more customized, AI-focused memory products warrants a higher multiple, setting the company’s price target at 2.4x FY26 book value, a premium to its historical average.
Micron Technology, Inc. provides innovative memory and storage solutions. Its operations are divided into the following segments: Compute and Networking Business Unit (CNBU), Mobile Business Unit (MBU), Embedded Business Unit (EBU), and Storage Business Unit (SBU).
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This article is originally published at Insider Monkey.
