Let's get one thing out of the way: Micron (MU) - Get Report stock trades with an incredibly low, dirt-cheap valuation, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Wednesday.

His comments came after Micron beat on earnings per share and revenue expectations, provided better-than-expected guidance and had a "very, very good" conference call.

NAND and DRAM pricing has peaked, which makes Micron's 3.3% rally Wednesday very interesting. The reason why is simple: "You're never supposed to own this stock if the average selling price of those two chips has peaked," Cramer said.

Saying "this time is different" can be a dangerous move, but Micron really "put on a show" with its latest earnings results, he added. Despite pricing issues for DRAM and NAND, Micron is still set to have an incredibly profitable 2018 as demand remains strong for its unique products.

If the stock can get through its previous highs near $50, it could run to $60, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. "It deserves a higher multiple" and a move toward $60 would get it closer to a more reasonable valuation, he concluded.

More of What's Trending on TheStreet:

At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.