Micron's stock is still dirt cheap. Some analysts say that's about to change.

By Emily Bary and Philip van Doorn

New long-term customer agreements could bring more predictability to Micron's financials, addressing a persistent investor concern about sustainability

Micron shares have a forward price-to-earnings multiple in the same vicinity and Verizon and AT&T.

Micron Technology's stock remains very well-priced despite its explosive rally this year, but some analysts think it could soon break out of the bargain bin.

Shares of Micron (MU) trade at a forward price-to-earnings multiple of 9.2x, not much higher than the 8.3x multiple they fetched at the end of 2025, according to data provided by FactSet. While Micron has seen its stock price climb 325% so far this year, the pace of growth in rolling 12-month earnings-per-share estimates has been nearly as strong, at 284%.