The BofA rating is bothering me a fair bit. They argue that MU has made massive improvements in every regard, citing "solid execution, improving free cash flow returns, tech leadership and leverage to secular trends in cloud computing, 5G and autos" but then argue it should be given the same price to book and price to earnings multiple that it has historically had? How does that make sense? If the business has materially improved then P/E and P/R should expand not revert to historical averages.$Micron Technology(MU)$
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