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NEW YORK (TheStreet) -- Memory chip maker Micron (MU) - Get Micron Technology, Inc. Report is still a top pick for many Wall Street analysts in 2015, despite Micron's dominance of the broader market in 2014. With better-than-65% gains in 2014, Micron beat both the Dow Jones Industrial Average (DJI) and the S&P 500 (SPX) , which gained 7.52% and 11.39%, respectively.

Investors who are thinking about selling now may want to think twice. Analysts still think Micron shares are cheap and they project the stock to gain close to 50% in the next 12 months.

Micron, which makes flash memory and non-volatile storage chips known as DRAM and NAND, will report fiscal first-quarter earnings Tuesday. Micron has made a lot of money for investors, helped by the growing popularity of products built with solid-state drives. Analysts say Micron will likely gain share over its competitors.

Last month, Ruben Roy, analyst at Piper Jaffray, reiterated Micron shares as an overweight and raised his price target to $44. From current levels of around $34, Roy's target suggests gains of roughly 30%.

Roy says Micron should be able to capitalize on increased demand for solid-state drives and for parts for mobile and servers. But that's not all, Roy pointed out that Micron competitors, which include Broadcomundefined and Applied Materials (AMAT) - Get Applied Materials, Inc. Report , will likely suffer in 2015, hurt by tight supply.

If Micron competitors struggle to meet consumer demand, that bodes well for Micron's ability to gain market share. This prompted Roy to raise fiscal 2015 revenue estimates to $18.46 billion.

While the revenue increase is negligible (up 0.10%) from Roy's prior revenue estimate of $18.44 billion, Roy expects Micron to make a lot more money on those sales. He boosted his earnings estimate 18% to $3.72 per share (from $3.16).

Even after this year, Roy expects Micron's growth to continue, projecting fiscal 2016 revenue and earnings at $19.42 billion and $4 per share, respectively.

Roy is not alone in his bullishness.

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On Dec. 18, while citing "tailwinds galore," Srini Sundararajan, analyst at Summit Research Partners, reiterated his buy rating on the shares and a $50 price target, suggesting possible gains of almost 50%.

Sundararajan noted that Micron's forward price-to-earnings ratio of 8 makes the shares cheap on the basis of expected 15% and 10% growth for DRAM and NAND markets.

By comparison, Sundararajan said that even Seagate Technology (STX) - Get Seagate Technology Holdings PLC Report , a competitor to Micron, trades at 11 times forward earnings. Sundararajan added that Seagate does not have "as much growth [as Micron] in the underlying markets.”

All told, Micron management has pushed all the right buttons over the past couple of years, including its 2012 decision to acquire bankrupt rivalElipida, turning Micron into a parts supplier forApple (AAPL) - Get Apple Inc. Report .

With Micron projected to grow earnings by more than 15% over the next five years, according to CNN Money, now is the time to add to existing positions.

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TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, notable return on equity, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: MU Ratings Report

This article is commentary by an independent contributor. At the time of publication, the author held AAPL.