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