Citi analyst Christopher Danely says Micron's stock has underperformed so far in 2024 for three reasons: negative comments by Rambus, increased DRAM capex commentary from equipment makers stoking fears of overcapacity, and a high valuation. The firm, however, disagrees with all three and reiterates a Buy rating on the shares with a $95 price target. Citi's channel checks indicate DRAM order rates have increased from the server end market at both Micron and Samsung, the analyst tells investors in a research note. And while it expects 2024 DRAM capex to rise from current levels, Citi notes that even if it increases 20%, it would still be 30% below the peak of 2022. On valuation, the firm says Micron still lags group, so it should go higher.