Micron rallies on positive Jefferies investor day comments

Micron Technology (MU +3%) shares are strong after positive comments emerge from a Jefferies investor day.

MU believes it is unlikely to see the effect of recent declines in NAND contract prices reported by DRAMeXchange, Jefferies reports; MU also is seeing stable DRAM prices and is confident of continued stability in DRAM prices.

The firm recommends buying MU "while investors are still not fully convinced of structurally positive fundamentals in DRAM and NAND"; it also offers favorable comments on AMD (AMD -1%), NXP Semiconductors (NXPI +2%) and Xilinx (XLNX +1.2%).

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