Micron (MU) stock just got another major nod of approval from Wall Street, and the timing is telling.

Shares of the popular memory maker are up 10% over the past week, and Morgan Stanley sees even more upside, raising its price target to $450 from $350 while reiterating an overweight rating.

The bullishness stems from the fact that memory pricing power continues to go from strength to strength.

Micron and other memory makers have been on a killer run as AI infrastructure spending rises at an exponential pace. High-bandwidth memory (HBM) has become mission-critical for AI accelerators, and supply has struggled to keep pace.

Micron CEO Sanjay Mehrotra discussed AI’s insatiable demand for memory during a recent CNBC…