I've been watching Micron's performance and honestly, I think Wall Street is sleeping on this one. Yeah, the stock already ran 341% in the past year—that's massive. But here's what most people are missing: the real growth story is just getting started.

Let me break down why Wall Street's being too conservative. Their 12-month price target is basically sitting at current levels, which tells you they've already priced in the rally. But the fundamentals don't match that narrative at all.

First, the valuation is still absurdly cheap. Micron's trading at a forward P/E of 12.6—literally half the Nasdaq-100's average. Meanwhile, the company's earnings are expected to jump 309% this fiscal year. That's not a typo. For context, S&P 500 companies are only growing earnings at 14% on average. The gap is massive.

Why such crazy growth? Memory chips. AI servers are absolutely consuming DRAM and NAND flash like nothing we've seen before. Those AI accelerators need bigger, faster memory, and data centers need enormous flash storage for training models. The supply situation is tight, and it's going to stay that way through at least 2027—maybe even 2028.

Here's the kicker: tight supply plus strong demand equals higher prices. Memory manufacturers are already confirming the shortage will persist for years. TrendForce is projecting the memory industry revenue jumps 134% this year and another 53% next year, reaching almost $843 billion. That's the kind of tailwind you want behind your stock.

So if Micron just hits Wall Street's earnings estimate of $44.55 per share next year, apply the S&P 500's forward multiple of 22x, and you're looking at a stock price around $980. That's a 137% move from here. But here's my take: Micron's growth is going to beat expectations, which means it probably deserves a premium multiple. Don't be shocked when this stock proves Wall Street's cautious stance completely wrong.