Shares of Micron Technology (NASDAQ: MU) rose 2.2% on Tuesday morning, recovering from a high of 4.6% earlier in the day, amidst a general market decline of about 1% in the Nasdaq. The increase follows an upgrade from investment bank Mizuho, which cited improved demand for memory products in personal computers, servers, and smartphones.
Mizuho projects that Micron’s share price, currently just over $85, could reach $95 within a year. The analyst also believes that overall PC unit sales will decline no more than 5% in the first quarter of 2022, a more optimistic outlook than previously estimated. In addition, server sales are expected to rebound sooner, aided by potential orders from major companies like Amazon and Alphabet.
