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MarketWatch MarketPulseJan 23, 2020
Micron, Western Digital stocks climb after Morgan Stanley turns bullish
Shares of Micron Technology Inc. and Western Digital Corp. are up about 2% each in premarket trading Thursday after Morgan Stanley analyst Joseph Moore upgraded both stocks to overweight from equal weight. "We did not expect memory fundamentals to bottom this quickly, but as proof points grow, the ramifications are significant," Moore wrote. "The higher trough and the elevated valuation environment for semis suggests memory rerating potential even give the moves we have already seen." Micron's stock has added 32% over the past three months, and Western Digital's has gained 19% as the S&P 500 has risen 11%. Moore's channel checks point to "real conviction" from customers that the memory market will get tighter throughout this calendar year, which is causing them to put more inventory in place. Moore upped his price target on Micron's stock to $73 from $56, and he increased his Western Digital target to $88 from $64.

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