Goldman Sachs analyst Toshiya Hari upgraded Micron Technology (MU) to Buy from Neutral with an unchanged price target of $58, which represents a 26% potential upside.
Ongoing weakness in DRAM and NAND pricing will be "short-lived" and Micron is well-positioned competitively as it continues to execute on its technology transitions, Hari tells investors in a research note.
The stock's risk/reward skews positive with an upside case and downside case indicating up 183% and down 49% potential returns, respectively, says the analyst.
Hari believes signs of supply discipline on the part of the memory suppliers and price stabilization will serve as potential catalysts for the stock.
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