Why Micron and Western Digital Stocks Gained Today

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Shares of Micron (NASDAQ: MU) and Western Digital (NASDAQ: WDC) have gained as much as 5% and 7%, respectively, following positive research notes from Wall Street. Morgan Stanley reiterated  overweight (equivalent to buy) ratings on both companies, while Cascend maintained  a buy rating on Micron while raising its price target to $100.

There has been a global shortage of chips within the semiconductor industry recently, and Morgan Stanley analyst Joseph Moore believes that their reduced availability will lead to increased memory prices.

Image source: Getty Images.

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