Bank of America reiterates Micron's buy rating, with a target price of $1550

Bank of America reiterates its buy rating on Micron, with a target price of $1550, stating that the recent sell-off is an enhanced buying opportunity. Bank of America expects memory prices to normalize from 2027-2028, but fundamentals remain strong. Bank of America predicts that Micron's earnings per share for the 2028 fiscal year will be around $150, with a pessimistic outlook of around $100, still significantly higher than the previous cycle peak of around $12.