Micron (Nasdaq:MU) Shoots Up on Upgrade

Micron Technology (Nasdaq:MU) has shot up today on an upgrade from Baird analyst Tristan Gerra, who said the price of DRAM chips are stabilizing and production cuts in the sector for DRAMs should help the company.

He also noted the outlook for NAND flash memory chips is strong as well. That's based on soaring demand for tablets and smartphones.

Gerra wrote in a note to clients, "Fundamentals in the DRAM industry continue to strengthen despite the recent price weakness, benefiting from two years of below-average (capital expenditure) spending."

Gerra boosted Micron from "Neutral" to "Outperform." Micron was trading at $9.72, gaining $0.38, or 4.07 percent, as of 12:12 PM EST. Gerra raised his price target on Micron from $8 to $15.