UPDATE: Morgan Stanley Reiterates on Micron Technology Following Analyst Day

In a report published Monday, Morgan Stanley analyst Vasanth Mohan reiterated equal-weight on Micron Technology MU following the recent Analyst Day presentation. Mohan saw that Micron was highlighting important aspects of their business. Micron noted that it will commit to declines in DRAM demand and that equipment orders in 4Q13 have jumped to increases of 200%+. According to Morgan Stanley, "We have underestimated the strength of the cyclical upturn, mostly due to the Wuxi fire, and have underestimated how quickly investor sentiment would turn towards this being sustainable and behavioral. We would become more convinced if we saw equipment activity in memory slowing. We also look towards MU reaction to its weaker NAND prices (down over 25% in 2 qtrs) as a case study of how the new industry structure could moderate cyclicality. We remain EW despite the strong pricing environment." Micron Technology closed at $24.51 last Friday.