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.
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