KeyBanc analyst, Weston Twigg, reiterated his Overweight rating on shares of Micron Technology (NASDAQ: MU) and raised the price target to $58.00 (from $45.00) after seeing signs of tightening supply in some markets as demand elasticity for NAND kicks in and supply remains well managed. Strength is driven by NAND and DRAM content loading in phones while demand for PCs and other devices continues to grow.

The analyst stated "Supplier inventory levels have likely peaked and should decline in 2H as demand
improves. Efforts to limit supply are paying off as memory inventory levels appear to be stabilizing. Inventory should begin to decline in 2H as supply remains constrained and demand improves due to: 1) the resumption of some spending by datacenter customers; 2) seasonal demand improvement for phones, PCs, and other devices; and 3) increased content-loading for both DRAM and NAND (demand elasticity is kicking in)". Other companies mentioned positively in the note include Silicon Motion Technology (NASDAQ: SIMO), Seagate Technology (NASDAQ: STX), and Western Digital (NASDAQ: WDC).

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $49.01 yesterday.