Bernstein Research Believes DRAM Will Keep Recovering Following Micron Technology's Acquisition of Elpida

In a report published Tuesday, Bernstein Research analyst Mark C. Newman reiterated an Outperform rating and $24.00 price target on

. In the report, Bernstein Research noted, “We rate Micron Outperform with a target price of $24.0. We believe that DRAM should keep recovering in 2013 following Micron's acquisition of Elpida and subsequent supply rationalization. The NAND rebound we also expect to continue through 2013.” Micron Technology closed on Monday at $21.27.