The firm has an "overweight" rating on shares of the Boise, ID-based semiconductor company.
Morgan Stanley cited ongoing strength in commodity pricing and said further upside will come from execution improvement, the Fly said.
The firm noted that DRAM (dynamic random-access memory) execution has already begun to improve and it expects this to continue. Additionally, the 3D NAND transition is moving in the right direction.
Yesterday, Deutsche Bank and Stifelincreased their price targets on shares of Micron.
Shares of Micron were down in early-afternoon trading on Tuesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
But the team also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MU