Micron Surges 11.7% on June 11 as Memory Stocks Recover; Morgan Stanley Sees 'Healthy Correction'

According to MarketWatch, Micron Technology (MU-US) stock surged 11.7% on Thursday (June 11), with memory-related equities returning to uptrend. Morgan Stanley analyst Shawn Kim views the recent pullback as necessary and healthy for sustaining the sector's rally through year-end, noting that DRAM remains a critical bottleneck in AI infrastructure expansion.

Despite the gains, Micron remains down nearly 10% from its June 3 peak. Kim stated that the memory industry cycle is still accelerating with rising earnings forecasts, and long-term customer contracts are likely to support continued valuation expansion. Micron currently trades at a 9.4x forward P/E ratio, ranking in the lowest 10% of S&P 500 constituents.