Citi analyst Christopher Danely reiterates Micron Technology as the firm’s top pick after spending time with management. The analyst continues to expect upside to estimates given the DRAM upturn and ramp of high-bandwidth memory products. It appears investors still have doubts about the sustainability of the DRAM upturn centered around overcapacity, the analyst tells investors in a research note. However, Citi believes the Taiwan earthquake could result in some scrappage of inventory, which could help pricing. It reiterates a Buy rating on the shares with a $150 price target.
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