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Recently, analysts at New Street Research upgraded Micron Technology (MU) to a “Buy” rating and a $1,250 price target. Analysts at the firm believe the memory maker’s current run from its 2025 lows breaks from previously observed industry cycles with boom-and-bust patterns. All signs indicate that memory might no longer be a cyclical industry.
New Street Research analysts expect memory demand to keep growing. They forecast annual growth of 15% beyond 2030, compared with a historical average of 10% over the past two decades. This could mean Micron holds more than $600 billion in cash on the balance sheet and generates more than $150 billion in annual free cash flow by 2030. This also implies a $2 trillion to $3 trillion market capitalization by then.
