**[BofA: SanDisk's Strong Growth May Reshape Micron's Valuation, Reiterates "Buy" with $1,550 Target Price]** BlockBeats News, August 18 — Bank of America (BofA) believes that SanDisk's recently announced long-term growth targets may provide a reference for reshaping Micron's (MU) valuation. The firm reiterated its "Buy" rating for Micron, maintaining a target price of $1,550, approximately 61% higher than the $963 stock price used in the report. During its Investor Day, SanDisk projected an average annual sales growth of nearly 15% and a gross margin exceeding 80% by fiscal year 2030. BofA believes that if Micron can sustain similar growth and profitability driven by AI-powered HBM demand and disciplined supply management, its business may no longer be viewed solely as a traditional cyclical memory business. BofA estimates that Micron's FY30 earnings per share could reach $200 to $250. If higher valuations are assigned to its AI-related HBM business, its earnings and valuation potential could expand further. The firm also anticipates that as profitability in the memory industry improves, Micron could achieve a price-to-earnings ratio of 12 to 15 times in the future, rather than being priced solely as a traditional cyclical memory stock. In terms of cash flow, BofA expects Micron to increase stock buybacks after restrictions related to the CHIPS Act expire on December 9, 2026. The firm projects that Micron's trailing 12-month free cash flow could exceed $80 billion by then, theoretically sufficient to repurchase nearly 10% of its market capitalization annually, thereby further driving EPS growth through reduced share count. BofA believes Micron needs to focus on three key factors moving forward: whether high gross margins can be sustained, whether management can strictly execute its capital return plan, and the trends in HBM demand and pricing.