BofA on memory


BofA reiterates its $1550 $MU price target, with Micron as its top memory pick
Memory now represents 35–40% of cloud AI capex, 2–3x historical levels, yet memory stocks still trade at sub-10x forward P/E
BofA believes the market is underestimating the transition toward longer-duration agreements and more predictable pricing
As memory evolves from a cyclical commodity to a strategic AI enabler, multiples should expand
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