Micron price target raised to $71.50 from $58.50 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Micron (MU) to $71.50 from $58.50 and keeps an Underweight rating on the shares. The firm is raising numbers to reflect double digit average selling price growth in Q4 and Q1 for both DRAM and NAND and sees positive preannouncement potential for Micron, but it maintains its Underweight rating on shares as a function of potential for fab restarts to disrupt improvement, valuation already near peak, and what it sees as “better ways to play memory,” including Western Digital (WDC) and Lam Research (LRCX).