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Micron Technology, Inc. (MU) - Get Micron Technology, Inc. Report continues its robust move higher Monday, with Micron stock higher by about 8.76% to $59.37 in midday trading.

Can the good times last?

According to not one, but two recent analyst notes, we still seem to be in the early innings of the rally. Specifically, TheStreet's Jim Cramer pointed out Nomura Instinet's whopping $100 price target while he was speaking on CNBC's "Mad Dash" segment.

Analyst Romit Shah said he believes Micron is in the midst of a major breakout, so he boosted his price target to $100 from $55. Even with the stock's big rally on Monday -- and its 13.3% rally over the past five trading sessions -- Shah's target implies nearly 85% upside.

Not surprisingly, he's maintaining his buy rating. Another with a similar rating is Evercore ISI analyst C.J. Muse. He has an outperform rating on Micron stock and just boosted his price target 33% to $80 from $60. Even though Muse's target is $20 per share below that of Shah's, it still represents more than 35% upside from current levels.

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Muse contends that the "memory market is absolutely different now," given that the DRAM industry has just three main producers. Further, those manufacturers aren't flooding the market with supply to take market share, which inevitably crushes DRAM prices.

Muse says Micron will likely push forward with capital returns to shareholders and expects to hear an update during the company's analyst day on May 21. Worth pointing out is that Micron is scheduled to report earnings on March 22.

This is a "big, big call" from Instinet's Shah, Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said of the $100 price target.

Micron trades with a very low valuation and should this rally take place, it will command a more reasonable valuation, he concluded.

At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.