TradingKey – On September 18 ET, Micron (MU) stock price reclaimed the $1,000 mark after a week.

RBC Capital pointed out that Micron’s current valuation barely reflects its exposure to the wave of AI-driven memory demand, leaving room for “substantial” expansion in valuation multiples.

RBC analyst Srini Pajjuri maintained an “Outperform” rating on the stock and a $1,500 price target, citing the continued growth in memory capacity demand from AI workloads, particularly as applications evolve toward more memory-intensive agentic AI.

RBC believes that memory demand remains ahead of available supply, an imbalance supported by multiple structural constraints in the industry: rapid expansion of High Bandwidth Memory (HBM) capacity, limited…