UPDATE: Morgan Stanley Raises PT on Micron Technology to $13.50 (MU)

Morgan Stanley is out with its report today on Micron Technology MU, raising its price target from $12.50 to $13.50. In a note to clients, Morgan Stanley writes, "We remain buyers of MU post Feb quarter results, the first profitable quarter at a cycle trough since 1991, and expect stock to be re-rated on diversification to higher margin non-commodity DRAM, NAND, and NOR mix this year. We raise our price target to $13.50 (10x $1.35 CY11 EPS) and our FY11 and FY12 estimates are +40% and +75% above consensus." At the time of posting, shares of MU were trading pre-market at $11.30, up 6.50% from Wednesday's close.