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Micron stock experienced a selloff last week.
Morgan Stanley sees significant upside to Micron stock.
Shares of Micron are reasonably priced compared to its peers.
Reversing the downward trajectory that it had experienced last week, shares of Micron Technology (NASDAQ: MU) are rising today. While the S&P 500 is up over 1% as of this writing, investors are bidding shares of the memory and storage solutions specialist higher in response to a bullish new outlook on Micron stock.
As of 11:04 a.m. ET, shares of Micron are up 7%, paring back some of their earlier 8.1% gain.
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Maintaining its overweight rating, Morgan Stanley hiked its price target on Micron stock today to $338 from $325. According to thefly.com, Morgan Stanley based its action on the belief that the recent dip is overblown.
Based on Micron's shares closing at $207.37 on Friday, Morgan Stanley's price target implies an upside of 63%.
With investors learning of Morgan Stanley's optimistic outlook on Micron stock today, it's unsurprising that investors are sending shares higher. With auspicious price targets like these, however, it's essential to remember that analysts often have shorter investment horizons than the multi-year holding periods that The Motley Fool favors.
Trading at 13 times forward earnings, Micron stock doesn't seem exorbitantly priced – especially considering the steep valuations of several semiconductor peers – so potential investors shouldn't be frightened off with the stock's rise today.
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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