It's for this reason MU stock is priced so cheaply at just six times fiscal 2017 estimates of $4.72 per share, against a forward P/E of 19 for the S&P 500 index. And based on fiscal 2018 estimates of $6.12 per share, the forward P/E drops to five. Essentially, the market assumes little-to-no growth for the company even though Micron has beaten analysts' earnings estimates in seven straight quarters.