Morgan Stanley: Expect Big Micron Move On Cloud Demand

Investing.com - Micron shares will rally some 35% in the coming year as the chip maker rides "exceptional" spending by cloud computing companies, according to Morgan Stanley (NYSE:MS).In a note to clients, the Wall Street firm reiterated its overweight rating and $65 12-month, stock price target.It credited Micron for improving its customer diversification, with broader demand from the PC, smartphone and data center markets. Morgan Stanley may be bullish on Micron, but its stock forecast far is from the highest on Wall Street. Goldman Sachs (NYSE:GS)' is $108, while Nomura Instinet's is $100. Micron shares are up 82% in the past 12 months, but are well off their March peak of $59.