Citi analyst Christopher Danely reiterated a Buy rating and $110 price target on Micron (MU) after research firm TrendForce said that PC DRAM prices are expected to rise 3%-8% quarter-on-quarter in Q2, above its prior forecast of flat growth on higher demand and low inventory. The research firm also stated that several NAND products had higher contract prices in April due to higher demand and pre-staff stocking, the analyst tells investors in a research note. Citi expects DRAM pricing for mobile and PC applications to increase in Q2, and believes this is good news for Micron.
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