Goldman Sachs Upgrades Micron Technology (MU) to Neutral

Goldman Sachs upgraded Micron Technology (NASDAQ: MU) from Sell to Neutral with a price target of $6.50.

The firm notes the DRAM industry is responding to weaker demand with significant production cuts, which will stabilize prices and profitability. The firm said with the cuts, the DRAM industry can return to a balanced supply/demand environment in 2012.

Goldman said they would stop short of buying Micron today, as there still needs to be further DRAM production cuts or stronger PC demand to drive significant price increases and restore meaningful profitability to the comapny.

For more ratings news on Micron Technology click here and for the rating history of Micron Technology click here.

Shares of Micron Technology closed at $7.03 yesterday.

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