Micron Technology finished the week with a nearly 8% gain on Friday as analysts from Citi and Evercore launched some positive comments on the semiconductor company and memory chip market.

From Citi, analyst Christopher Danely stated that recent channel checks show that there has been an increase in demand for DRAM memory among PC makers, and that a price correction in the DRAM market is underway and “coming to an end”. Danely also said the outlook for enterprise server sales in the first quarter of 2022 appears to be better than expected. According to Danely, the server market is improving “due to recent spending increases by cloud companies like Facebook and Google.” Danely maintained his buy rating and a $ 120 per share price target on Micron’s shares.

Meanwhile, Evercore ISI analyst CJ Muse added Micron (MU) to his “top picks” list. Muse said that depending on how supply chain deficiencies are resolved, Micron’s earnings are expected to begin to recover after the February and May quarters.

Micron Technology [MU.O] rose to $83.2 in pre-trading. On Friday, it closed at $83.03 (+7.8%). The stock made an important leap by reaching our first target at $80 and is also close to the second at $85 (see previous articles). The $85 area is an important resistance and in fact the last one separating it from the highs. However, the setting remains strongly bullish and the break is likely to continue towards $97.

We recommend going LONG on the stock by buying the Leverage Shares Micron Technology 2x ETP (ISIN: IE00BKT66K01) with an increase in exposure on possible decreases towards $80, with a short-term target towards $90 and later, in case of a breakout, at $97. Alert/stop loss should be below $77 (closing daily).