Why Morgan Stanley Went Neutral on Micron

According to a CNBC article dated May 9, Morgan Stanley analyst Joseph Moore, in a client note, reiterated an “overweight” rating and a $65 price target for Micron Technology (MU) since he saw strong memory demand from cloud companies. A more diversified memory demand from the PC, smartphone, and cloud data center markets could also keep demand healthy. Micron stock was close to Morgan Stanley’s $65 price target at the end of May, which was earlier than expected.