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Micron Will Keep Climbing Wall of Worry, Says Morgan Stanley

Morgan Stanley analyst Joseph Moore today pounds the table for shares of Micron Technology (MU), assuring investors the stock can rise from a recent $29.23 to “mid-$30s” despite the proverbial “wall of worry” about memory-chip pricing.

My colleague Teresa Rivas wrote about the research this afternoon over on Sector Focus.

Moore, who has an Overweight rating on Micron stock, and a $36 price target, writes that the main thing pushing down Micron shares of late, along with shares of memory-linked chip equipment makers Applied Materials (AMAT) and Lam Research (LRCX) because "shortages...