Micron Technology Continues To Fall; Buying Opportunity?

Shares of semiconductor device maker Micron Technology MU have had a miserable month, and the stock continues to fall on Wednesday. Over the last 3 months, MU has lost 16.39%, including 15.58% in the last month and around 5% in just the last 5 trading days. Furthermore, the stock has fallen through major support in the $10 area and is currently trading at $9.56. Micron may find support in the $9.50-$9.60 area, however, and if sentiment changes in the name, it could see a quick pop. Despite the poor recent performance, MU is still having a nice 2011, gaining more than 19%. The shares trade at a trailing P/E of just 6.54, a forward P/E of 7.77, and a PEG ratio of 1.50. The median Wall Street price target on the stock is $14.50, which offers tremendous upside from current levels.