Where will Micron (MU) stock be in 5 years?

TLDR

• Micron has transformed from a maker of circular memory into a major AI infrastructure supplier driven by demand for high-bandwidth memory (HBM).
• The company recently joined Nvidia’s HBM4 vendor lineup for next-generation AI systems
• Wall Street is bullish: 35 buy or strong buy ratings, only 4 holds, 0 sells
• The base case model puts MU stock at around $840 by 2031; The bull case runs to $1,750
• Analysts believe that this memory cycle could last longer than previous cycles due to structural demand for artificial intelligence

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Micron has spent years writing it off as a boring, booming, and depressed memory company. This story is changing quickly.

Micron Technology Inc., MU

This shift is due to one thing: AI needs a lot of memory. Every advanced AI server runs on high-bandwidth memory, and Micron is one of the few companies that can provide it at scale.

This has made Micron stock more interesting than it was before.

Micron stock has risen during the current AI cycle as demand for HBM and data center memory continues to run ahead of supply. Analysts have been steadily raising their price targets as the AI ​​memory story shows no sign of slowing down.

The company recently acquired a place in it Nvidia Assortment of HBM4 vendors, connecting directly to next-generation AI infrastructure.

Analysts also point out that a significant portion of Micron’s production capacity has already been sold. Cloud providers and AI infrastructure companies are buying up supply as quickly as they can.

To keep up, Micron has raised its capital spending plans. Clearly, the administration is betting that demand will not disappear.

What does the 2031 pricing model look like?

One analyst model analyzes three possible paths for MU stock over the next six years.

In a downturn, AI spending declines and memory pricing returns to old cyclical patterns. Revenues reach about $60 billion by 2031, earnings per share are close to $10, and EPS is about $200.

The base case assumes that demand for AI remains constant. HBM becomes a larger segment of revenue, margins improve, and annual revenue is about $110 billion. This puts EPS near $28 and the stock around $840.

Taurus has an issue Micron To become a dominant HBM supplier with strong pricing power and revenue approaching $180 billion. Under this scenario, the stock could reach $1,750.

By combining these scenarios with probability weights, the model produces a 2031 price target of about $947.

Wall Street is on board

The Street supports Micron at a level you don’t see very often.

According to MarketBeat, the stock currently holds 5 Strong Buy ratings, 30 Buy ratings, and 4 Hold ratings. There are no reviews for sale.

Many analysts have argued that the current memory improvement cycle could last longer than previous cycles, because AI creates structural demand rather than a short-term spike.

Micron’s latest earnings and guidance reflect that. Revenue and margins were moving in the right direction as HBM became a larger part of the revenue mix.