UPDATE: Wedbush Upgrades Micron Technology to Outperform, Raises PT to $8

Wedbush raises its rating on Micron Technologies

from Neutral to Outperform and increases its price target to $8 from $7 as it believes hard times are likely over. Wedbush says, "We think DRAM, which has been the biggest drag on Micron's profitability, has finally reached a bottom here in FQ2 (Feb) likely returning to profitability in FQ3 (May), driven by stable DRAM prices and increasing unit demand trends as the hard disk drive (HDD) industry begins to recover from the impact of the Thailand floods. We think with the DRAM market at a trough, considerable tailwinds for NAND (i.e. SSDs, smartphones, and tablets) demand in 2012, and the stock trading at 0.7x tangible book value, that the risk/reward here is compelling." MU closed at $5.54 per share on Wednesday.