Prediction: This Could Be the Biggest AI Stock You’re Not Talking About Vandita Jadeja Wed, November 11, 2026 at 11:03 AM EST 5 min read MU +12.48% NVDA +3.58% SNDK +15.45% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Micron (MU) trades at 9x trailing earnings after a 30% weekly plunge, yet the 24/7 Wall St. price target implies 33% upside.
Micron's revenue grew 379% year over year, yet it trades at 9x earnings versus 40x for NVIDIA (NVDA) and 13x for SanDisk (SNDK).
Management says more than 75% of fiscal 2027 shipments are already committed, backed by 26 Strategic Customer Agreements running through 2030.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
Memory stocks fell sharply this week, pulling the biggest memory names lower. The 24/7 Wall St. price target for Micron Technology (NASDAQ:MU) is $913.86 over the next 12 months. With the stock at $688.09, that works out to 32.8% upside. The model's output signal shows buy, with high confidence.
Micron just finished a fiscal year with $133.19B in revenue and $75.52 in non-GAAP EPS. Even so, the stock trades at roughly 9x trailing earnings and 4x forward EPS estimates.
AI accelerator manufacturers get most of the AI attention, but Micron sells the memory that keeps those accelerators running, and its valuation reflects almost none of that role (we covered seven AI infrastructure suppliers beyond the chipmakers in a free report you can grab here).
Micron is down 30.02% over the past week, 35.32% over the past month and 13.47% today alone. It is still up 141.28% year to date. Shares sit 45.2% below the 52-week high of $1,254.61.
Memory peer SanDisk (NASDAQ:SNDK) is also lower, as today's selling has hit Micron, SanDisk and other AI names. The headlines include market share concerns and a pause on a Taiwan plant after a labor dispute.
If you've saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.
Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)
The fundamentals tell a stronger story. In fiscal Q4, revenue reached $54.23B against a $50.97B estimate. Non-GAAP EPS came in at $33.42 versus the $31.35 consensus, Micron's 8th consecutive beat. Gross margin hit 87%. For fiscal Q1, management guided to $61.5B ± $1.5B in revenue and $38.15 ± $1.00 in EPS.
Management said more than 75% of fiscal 2027 shipments are already committed. Micron now has 26 Strategic Customer Agreements running through 2030. Executives called DRAM "the principal constraint versus logic or power to the data center."
Micron also raised HBM pricing for calendar 2027 and is co-designing HBM4E with NVIDIA (NASDAQ:NVDA). The analyst consensus target is $1,561.91, backed by 9 Strong Buy ratings plus 36 Buy ratings. The bull case is $1,342.01, or 95.0% upside.
Memory has always been cyclical, and fiscal 2026 capex reached $30.71B. A large share of HBM sales goes to a small group of customers. The Taiwan plant pause and the market share questions add execution risk.
The bear case of $691.64 would leave the stock roughly flat for a year. On spending, most of the new construction budget goes to clean rooms for 2028, and management will add equipment as demand requires. Free cash flow of $62.31B covers that spending easily.
NVIDIA is Micron's most important HBM partner. Its supply obligations of $279 billion are largely tied to memory procurement for Vera Rubin. At 40x earnings with revenue growth of 105.85%, NVIDIA commands a far higher multiple than Micron's for slower growth. SanDisk is the closest memory peer. Its revenue grew 377.95%, yet it still trades at 13x.
Compared with these peers, our 24/7 Wall St. price target looks conservative.
The 24/7 Wall St. price target is $913.86 with a buy rating and 90% confidence. The deciding factor for me is contracted demand at a single-digit multiple.
The thesis gets stronger if fiscal Q1 lands near guidance and more SCAs get signed. The thesis weakens if DRAM pricing rolls over or the Taiwan delay spreads to other projects.
The projections rest on Micron continuing to execute on HBM and its long-term customer agreements. A faster HBM4E ramp could drive results well above them, and a turn in the memory cycle could pull them well below.
If you've saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.
Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)
Contact editorial@247wallst.com for any questions or corrections.
