Credit Suisse U.S. Focus List is out today with one addition to the list, Micron Technology (MU).

Credit Suisse’s top four reasons for adding MU to the list are as follow:

• “The U.S. Investment Policy Committee has added Micron Technology Inc. (MU) to the Focus List, as it now considers the stock one of its top investment ideas."

• "Our positive view on MU is based on the company’s continued execution of its strategy to diversify its revenue stream from primarily DRAM to DRAM, NAND and NOR, as well as gross margin expansion opportunities driven by an improved pricing environment from industry consolidation, slowing Moore’s Law and an improved supply demand balance"

• "Investors have been almost solely focused on supply fundamentals and continue to miss the most important INCREMENTAL driver of our bullish view on memory – ENTERPRISE DEMAND especially for DRAM. The last time Enterprise was an incremental demand driver for memory was 1994 - 95. If DRAM as a percentage of global GDP were to return to 1994 - 95 levels, we estimate that MU would earn $17 per share. While we are not prepared to go there (yet), we see similar ecosystem dynamics around Big Data which is setting the foundation for significant upside to Enterprise DRAM demand. We continue to argue greater than $5 of sustained EPS. Applying a 10x P/E to our sustained EPS estimate supports our $50 TP"

• "MU shares currently trade at only ~9.8 x times of CY14 EPS, lowest for any semi stock within our coverage and at ~45% discount to peer group average of 18.4x. As MU delivers earnings on a sustained basis, multiples should expand.”

Written by Richard Tritto, CurveAheadMarketStrategies.com Staff Writer