Shares of semiconductor specialist Micron Technology (NASDAQ:MU) jumped on Friday. The stock rose 5.9% at one point in the trading day but finished the day up 5.5%.
The tech stock's gain follows two analysts' recent moves to upgrade their 12-month price targets for the stock.
Analysts from Wells Fargo and Goldman Sachs gave Micron shares $115 and $118 respective 12-month price targets. Wells Fargo previously had a $100 price target for the stock and Goldman Sachs' target was $102.
Wells Fargo analyst Aaron Rakers was optimistic about the company's gross margin potential for its dynamic random-access memory, or DRAM. Goldman Sachs analyst Toshiya Hari said his industry checks suggested improving supply and demand for DRAM. Hari also expressed optimism for Micron NAND flash memory supply and demand.
This news adds to another positive update on the company earlier this week. In a March 3 press release, Micron announced an increase to its fiscal second-quarter revenue, gross margin, and earnings-per-share guidance.
The company now expects fiscal second-quarter revenue to be between $6.20 billion and $6.25 billion. This is up from a previous outlook for revenue between $5.6 billion and $6 billion.