Micron (MU) Is A Stock Jim Cramer Thinks Could Go From ~$1,000 To ~$2,000 Per Share

Micron Technology Inc.'s (NASDAQ: MU ) and SK Hynix Inc. (NASDAQ:SKHY) are two of the hottest stocks on the market courtesy of the ongoing shortage in the memory chip industry. The former is up by more than 200% year-to-date, as the ongoing data center buildout creates strong demand for its products. As if these gains weren't enough, Micron is also part of a list of stocks that could go to the Moon (figuratively, of course). In his morning appearance on Friday, CNBC's Jim Cramer discussed the impact that Japanese firm Toshiba's announcement could have on the memory companies:

"Micron, very low indirect impact. . .very little Micron, very little Sandisk. Low SK hynix, which is why SK hynix is now up. And Samsung low and indirect. So, those who are selling Micron on this, this is like selling, you see a lot of sedans coming from Ford so you sell your F150 truck. It is not analogous. "I think Ben has a beat on Micron, like very few people, he's been right the whole way. So I think he's going to be right again. . .Sanjay I hope will come on the show, Sanjay Mehrotra, the CEO, announce the buyback and I think it could be bigger than any other buyback ever. Including NVIDIA's. They can buyback, I don't know, he's using what, five to eight percent? I think he's lowballing on that. I think that it could be as much as 10% over time. They're building this giant project near Syracuse in New York so they can't just run the table and also do that. But I have to tell you that, when it comes to the non-cyclical nature of Micron I've never seen anything like it. We sat down at lunch and I said, Sanjay, you're no longer a cyclical company, you're a secular growth company, his first reaction was, yeah, with a six multiple, it doesn't make sense."

"Micron, very low indirect impact. . .very little Micron, very little Sandisk. Low SK hynix, which is why SK hynix is now up. And Samsung low and indirect. So, those who are selling Micron on this, this is like selling, you see a lot of sedans coming from Ford so you sell your F150 truck. It is not analogous.

"I think Ben has a beat on Micron, like very few people, he's been right the whole way. So I think he's going to be right again. . .Sanjay I hope will come on the show, Sanjay Mehrotra, the CEO, announce the buyback and I think it could be bigger than any other buyback ever. Including NVIDIA's. They can buyback, I don't know, he's using what, five to eight percent? I think he's lowballing on that. I think that it could be as much as 10% over time. They're building this giant project near Syracuse in New York so they can't just run the table and also do that. But I have to tell you that, when it comes to the non-cyclical nature of Micron I've never seen anything like it. We sat down at lunch and I said, Sanjay, you're no longer a cyclical company, you're a secular growth company, his first reaction was, yeah, with a six multiple, it doesn't make sense."

For Micron, the sustainability of the AI buildout and the continued demand for memory chip products are at the center of the debate. One bullish believer, as Cramer discussed, is Ben Reitzes of Melius Research. In recent coverage, Reitzes set a whopping $2,200 share price target for Micron. The analyst believes that the multiple for Micron, which trades at a forward P/E of 7, has room to expand and touch those of compute storage companies, which trade around the low to mid 20s. Among the factors behind Reitzes' optimism for Micron are long term agreements, which inject visibility into demand. Yet, even though Cramer's "never seen anything" like Micron, the stock didn't make it into our list of the 10 Blue Chip Stocks Jim Cramer is Crazy About .