The investment firm reiterated the company's outperform rating and $120 price target.
The company's position in the markets is backed by a significant improvement in gross margins versus its peers since 2016, said Wedbush Analyst Matt Bryson.
The memory and storage markets are expected to grow to a $330 billion opportunity by 2030, likely supporting a high-single-sigit growth for Micron, according to the note.
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