Shares of Micron Technology Inc. rallied Tuesday, after Mizuho analyst Vijay Rakesh went back to being bullish on the memory chip maker, saying demand trends...
Shares of Micron Technology Inc. rallied toward a seven-month high Tuesday, after Mizuho analyst Vijay Rakesh went back to being bullish on the memory chip maker on surprisingly improving demand trends, which should provide a tailwind for Micron, as well as Western Digital Corp., into next year.
When Rakesh downgraded Micron last month, he cited expectations of a soft demand outlook for the first half of 2022 for PCs and notebooks, server and handset markets. Micron’s stock ran up 2.2% in premarket trading. It had soared 22.8% from the Oct. 20 close through Monday, while the PHLX Semiconductor Index SOX, -1.66% had run up 14.0% and the S&P 500 index SPX, -0.32% had gained 3.2%.
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