Micron is a unique company in that it manufactures both Flash and DRAM.
DRAM suppliers have been consolidated and Tablet/phone market demand 1-2x more supply than before. DRAM prices remains high this year.
Despite that there are more suppliers in Flash market, it's written on the wall that SSD is gaining momentum in both consumer market as well as enterprise market. With manufacturing cost continue to go down on smaller geometries and 3D-NAND technology, SSD is getting more affordable rapidly. SSD needs large supply of raw NAND. Flash manufacturers will have hard time meeting the demand.
Micron is one of the few company that has the flexibility and technical know-how to switch between DRAM and Flash. This flexibility allows it to maximize profit and keep away from commoditizing market.
This flexibility will award it higher PE, and PEG ratio. Its current PE is quite low compared to it peers. There are two stages of its value appreciation : 1. PE normalization, 2. PE expansion. It's in stage 1 of PE normalization when its earning is catching up with price. It's expected that its forward PE will climb and reach 20+ before stage 2 completes.