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Micron's Stock Falls into a Bear Market - and It's Now the Cheapest in the S&P 500
Micron's price-to-earnings multiple has compressed dramatically, as earnings expectations have surged and the stock has fallen. Micron is trading at the lowest forward price-to-earnings ratio among all stocks in the S&P 500.The combination of a swift recent decline in memory stocks and a rapid rise in Micron Technology's earnings estimates has made the memory company's shares incredibly cheap.Micron's stock now trades at 4.5 times expected earnings per share for the next 12 months, based on the consensus estimate among analysts polled by LSEG. That makes the chip stock the least expensive in the S&P 500 SPX on a forward price-to-earnings basis.The next cheapest stocks in the index are Global Payments , at a forward P/E of 4.8; Charter Communications , at a valuation of 4.8; and Viatris , at 5.4.Micron's stock is trading far more inexpensively the S&P 500 at large, which has a weighted forward P/E of 20, and the S&P 500's information-technology sector XX:SP500.45, which has a forward P
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