Micron, SanDisk Shares Rallying as Sterne Agee Reporting on Rumor of Fire at Hynix Wuxi Fab Plant
Shares of both Micron (NYSE: MU) and SanDisk (NASDAQ: SNDK) are trading sharply higher in pre-market action Wednesday morning following some bullish comments from Sterne Agee's Vijay Rakesh. Micron shares are trading up more than 7 percent while shares of SanDisk are up 3.4 percent at last check.
Rakesh noted, "some unconfirmed news this morning with pictures from a China website of smoke at the Hynix's Wuxi China fab." The analyst reiterated the unconfirmed status of the report, however said "we believe it could move Pricing in the NAND-DRAM markets as we believe the Wuxi Fab does DRAM as well as some NAND."
Sterne Agee currently rates both Micron and SanDisk at Buy. Rakesh has an $18 price target on Micron and a $72 target on SanDisk.
Latest Ratings for SNDK
|Mar 2016||Redstone Technology||Downgrades||Positive||Neutral|
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