| | | Micron, Western Digital, Seagate get upgrades at Baird
marketwatch.com
Baird analyst Tristan Gerra ended his bearish call on Micron Technology Inc. shares MU, +0.84% while turning bullish on Western Digital Corp. WDC, +0.71% and Seagate Technology PLC STX, -0.85% in a series of upgrades Monday. "DRAM/NAND flash pricing positive outlooks remain unchanged despite current demand weakness in China, as supply chain is holding onto inventories in the face of supply disruptions and PCB DRAM module shortages," Gerra wrote. "We expect memory pricing to remain very resilient throughout this year." He upgraded Micron's stock to neutral from underperform and Seagate's stock to outperform from neutral. He also bumped up his rating on Western Digital by two notches, to overweight from underweight. Micron shares have dropped 1% over the past month, while Seagate shares have lost 16% and Western Digital shares have shed 15%. The S&P 500 SPX, -0.82% is off 8.4% in that time, compared with a 4.7% drop for the PHLX Semiconductor Index SOX, +2.21%. |
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