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The narrative centers on a potential earnings peak followed by a downturn, which could pressure MU despite a cheap forward P/E. If earnings roll over, multiple expansion may lag earnings declines, creating downside risk in the near term.
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Micron's stock appears inexpensive on a forward-P/E basis, yet the cyclicality of memory semiconductors can distort valuation. With Q4 earnings expectations elevated, investors should watch post-peak guidance rather than today's multiple, as a turning cycle could pressure MU even if the P/E curves higher at trough earnings.
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