Micron valuation looks deeply compressed

$MU is trading at valuation levels that stand out on both trailing and forward earnings.
On a next-12-month basis, Micron is reportedly near 6.2x forward earnings, its lowest level in the current comparison set.
On a last-12-month basis, it is around 21.3x forward earnings, still one of the lower readings.
The bullish argument is simple: the market is not pricing Micron as if earnings strength can continue improving.
For $MU, the numbers suggest expectations remain conservative even as the business backdrop looks stronger.