investing.com - At least one Wall Street firm has seen enough of Micron's dizzying stock price rally.
Morgan Stanley (NYSE:MS) lowered its rating on the chipmaker to equal-weight from overweight, saying the stock is close to the firm's $65 stock price target and has reached full valuation.
Micron's stock has almost doubled in the past 12-months and is up some 50% already this year.
In a note to clients, Morgan says it is no longer bullish about the DRAM memory chip market and would "rather err on the side of caution in an environment where we can see storm clouds on the horizon."
Morgan's stock price target for Micron is among the more conservative on Wall Street. Several other firms have the stock rising to $100 or more.