Wall Street analysts are declaring cyclical skeptics completely "offsides" following Micron Technology Inc.'s (NASDAQ:MU) structural shift toward $100 billion in secure contracts, a move that proves the stock is "still cheap" even after soaring to record highs.
The Commentary Leading the Charge Tech investors are completely reassessing Micron's valuation.
Gary Black pointed out that despite the stock's pre-market spike, the shares are "still cheap," trading at just 9x a 2027 adjusted EPS of $135.
The question for $MU coming into last night’s earnings was not how big the memory-chip boom is, but how long it can last.
The correct answer appears to be: Longer than anyone originally thought.
