The firm is citing higher memory prices and margin improvement. The upgrade seems to follow on the heels of SanDisk earnings beat and margin improvement forecast on Thursday. The analyst also expects DRAM pricing to remain firm and sees limited industry capacity additions in 2014.
On April 1, 2014 I dug into Micron’s hidden value and initiated coverage of the shares with a $61 target. Drexel Hamilton became the first Wall Street firm to put a price target on Micron that can be seen from my rear view mirror. My in-depth review can be found here.