Yahoo Finance analysis indicates that Micron Technology's (Micron) stock price has surged by 981% since early 2025, primarily driven by the escalating demand for memory fueled by artificial intelligence (AI). Despite recent stock price fluctuations and investor doubts about the sustainability of the memory boom, the analysis suggests that Micron's current valuation remains attractive, with a trailing twelve-month (TTM) price-to-earnings (P/E) ratio of 22x and a forward P/E ratio of 6x. In the last quarter, the company's revenue increased by nearly 4.5 times year-over-year to $41.5 billion, and adjusted earnings per share soared by 13 times to $25.11. Analysts project a median target price of $1600 for Micron within the next 12 months, implying a potential upside of 75%, with almost all analysts giving a "buy" rating. Citrini Research anticipates a global DRAM supply shortage of 28.7 exabytes by 2030, signaling a sustained strong pricing environment that will support Micron's long-term growth.