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Citi analyst Christopher Danely double upgraded Micron Technology (MU) to Buy from Sell with a price target of $100, up from $35.

The "long-awaited upturn" in DRAM is about to materialize, which should drive upside to Micron earnings and the stock, Danely tells investors in a research note. Micron shares still have "plenty of upside" as DRAM upturns usually last two years and supply/demand looks favorable over at least the next year, says the analyst.

Danely expects DRAM pricing to sustain its upward trajectory beginning in Q1, "given the largest supply/demand imbalance since 2017."