Morgan Stanley Expects Memory Boom To Continue For Micron Technology

In a report published Tuesday, Morgan Stanley analyst Joseph Moore reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “We expect DRAM to remain reasonably tight over the next several months. With the stock up ~47% YTD, >3x tangible book value, and 10x our estimate for peak EPS, we prefer a better entry point. We continue to believe that memory stocks have a relatively well defined earnings cycle despite acknowledging some secular positives; still, structural improvements are significant and should drive a longer profit cycle.” Micron Technology closed on Monday at $31.26.