Micron upgraded to Buy from Neutral at Longbow

Longbow analyst Nikolay Todorov upgraded Micron Technology (MU) to Buy from Neutral with a $66 price target. The stock closed Tuesday up 26c to $49.39. The analyst's channel checks indicate upside in shipments and improving DRAM and NAND pricing fundamentals. Upstream inventory drawdown is occurring faster than previously forecast, which should drive a bottoming in DRAM fundamentals by yearend, Todorov tells investors in a research note. Further, the analyst believes NAND fundamentals are in the process of recovering. As a result, he sees upside to Micron's fiscal 2020 sales and earnings consensus and downside to capital expenditure expectations. Todorov also raised his price target for Buy-rated Western Digital (WDC) shares to $76 from $70.

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