(News Bulletin 247) – New Street Research announced on Thursday that it has revised its price target on Micron upwards, bringing it to 100 dollars, which represents an upside potential of 56% compared to last night’s price.
In a research note sent to its clients, the independent research firm argues that the rebound in the memory sector is finally starting to materialize.
“The memory segment is the last island of the semiconductor industry where expectations have not yet bottomed out and where the recovery in stock prices is slow to materialize,” he underlines.
New Street believes, however, that the worst is now over with demand tending to recover, which according to him proves that most of the correction that affected stocks is over.
For the analyst, this element heralds better than expected financial results and an upcoming upward revision of market forecasts, which should support the valuation of securities in the sector.
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