Micron Technology undervalued at 11x forward P/E despite 190% revenue growth and strong AI demand.

Micron Technology is currently trading at a low 11x forward P/E ratio despite showing an impressive 190% year-over-year revenue growth and a 57% net income margin. The company’s valuation is expected to rise due to strong structural demand for AI, full commitment to 2026 HBM capacity, and leadership in advanced technologies like SOCAMM2 and HBM4. Micron is a confirmed supplier for NVIDIA's Vera Rubin platform, with high-volume shipments and rapid DRAM node advancements. Analysts maintain a strong buy rating with a target price suggesting 130% upside, driven by sector rerating, margin expansion, and robust positioning in AI infrastructure.