Despite Rising More Than 300% in 1 Year, Micron Stock Looks Cheap. But Is It a Buy?

Shares of Micron Technology (MU 2.28%) have been on a historic run. As of this writing, the stock is up more than 300% over the past 12 months, riding an extraordinary wave of demand for specialized memory chips powering artificial intelligence (AI) data centers.What's wild, however, is that despite the stock's wild run-up, Micron's valuation still looks attractive. And it looks downright cheap when considering analysts' consensus earnings forecast for the next 12 months.But investors need to think longer t ...