Morgan Stanley analyst Joseph Moore upgraded Micron Technology Inc.'s stock (MU) to equal-weight from underweight on Tuesday, though shares were nearly flat in the session. Moore also increased his price target to $48 from $31. "We believe that the DRAM market remains fundamentally oversupplied, and we remain negative longer term," Moore wrote. "However, global trade tensions and potential supply risks are driving shorter-term inventory accumulation, which makes our previous underweight rating less actionable." He expects earnings season to show continued softness in cloud spending but said that there will be "at least the appearance that earnings are bottoming out," which could send shares higher. The stock up 47% so far this year, while S&P 500 has gained 20%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 30, 2019 09:37 ET (13:37 GMT)
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