11:41 AM EDT, 03/19/2026 (MT Newswires) -- Micron Technology ( MU ) Q2 numbers came in at the higher end of buy side expectations, but the debate is more about duration than peak amplitude, Morgan Stanley said in a report Thursday.

"We are positive about that debate," the report said.

The note also said that investors looking for sell signals from prior cycles miss the point.

"This is not only likely to be durable as long as AI spending is maxed out, at this point based on our industry conversations we think that memory is one of the biggest gating factors on how much AI spending is possible," the report said.

The note said Micron could generate about $80 in earnings per share through calendar 2027.

Morgan Stanley maintained its overweight rating while raising its price target to $520 from $450.

Price: 452.68, Change: -9.05, Percent Change: -1.96