Longbow analyst Nikolay Todorov raised his price target for Micron to $80 from $70 and made no change to his Buy rating, saying he sees a long runway for the stock to benefit from earnings and multiple expansion in this cyclical recovery. In his base case assumption, Todorov says his 2020 forecast of conservative cost declines and 16% blended DRAM ASP decline and a 5% NAND ASP increase results in $6.70 of mid-cyle EPS for Micron which, at 10x the historical mid-cycle memory multiple, implies 20% upside from current levels. If pricing turns out stronger than his forecast, Todorov says he sees as much as 50% upside from here.