Micron Technology shares climbed on Monday, following a rating upgrade by Goldman Sachs.
Goldman Sachs analyst Mark Delaney raised his rating on the computer memory and data storage company’s stock to buy from neutral. Delaney also increased price target on Micron shares to $56 from $40.
The analyst indicated that he is now more optimistic about global memory stocks as he believes that the companies’ excess inventory will be depleted faster than anticipated.
Micron shares gained more than +3% in premarket trading on Monday, after the upgrade from Goldman Sachs.