UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Micron Technology Following Fire at China DRAM Facility

In a report published Friday, Wedbush analyst Betsy Van Hees reiterated an Outperform rating on Micron Technology MU, and raised the price target from $16.00 to $23.00. In the report, Wedbush noted, “While checks indicate demand for handsets, PCs and tablets have modestly improved since Aug, any prior concerns we had for near-term memory supply outstripping demand have been eradicated following the fire at SK Hynix's DRAM fab in China that we believe has totally shifted the memory supply/demand dynamics to Micron's (MU) favor. We reiterate our OUTPERFORM rating, increase our PT to $23 and recommend investors continue to buy the stock.” Micron Technology closed on Thursday at $17.16.