Micron Technology Inc. (NASDAQ:MU) tops the list of the most undervalued chip stocks in October, gaining more than 460% in 12 months. The memory chip maker trades at 6 times forward earnings. That's according to TradingView's latest screener data on the 28 U.S.-listed members of the PHLX Semiconductor Sector index. The forward price-to-earnings ratio (forward P/E) divides the share price by the profit analysts expect over the next year. A lower number means investors pay less for each dollar of expected profit. By comparison, the SPDR S&P 500 ETF Trust(NYSE:SPY) trades at 20.3 times next-12-month earnings. Four chip stocks currently trade at cheaper valuations than the broader market: Micron, NXP Semiconductors N.V.(NASDAQ:NXPI), Qualcomm Inc.
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