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After being rated at no better than a two-star rank for the past several months, enough top-performing CAPS members have turned bullish on Micron Technology (NYSE:MU) in the past month to upgrade it to a more formidable three stars. A total of 674 members have given their opinion on Micron Technology, with many offering analysis and commentary to explain their recent optimism.

Micron makes DRAM memory for PCs and flash chips used in portable devices such as Apple's (NASDAQ:AAPL) iPods. It also works with companies like Intel (NASDAQ:INTC) and Hewlett-Packard (NYSE:HPQ) to develop and manufacture some of its products.

Investors are seeing relief from the oversupply and weak demand that have plagued the industry in the recent past. Micron narrowed its loss in its fiscal fourth quarter, compared to a year ago. Like Rambus (NASDAQ:RMBS) and its recent upward quarterly revenue guidance, Micron has seen increasing sequential demand for its DRAM products and better flash sales. Companies such as Dell and Nokia (NYSE:NOK) are expanding their reach across product lines, and Micron expects that growth in market segments like mobile, netbooks, and solid state drives will continue to drive consumption.

The memory industry is showing signs of a recovery, though most analysts concede it still has a ways to go. Global chip sales increased again in August for the sixth-straight month as year-over-year declines slowed, and Micron expects a balance of supply and demand for the remainder of 2009. As such, investors have been busy bidding up shares of SanDisk (NASDAQ:SNDK) and Micron this year, and both have seen big gains.

Do you think Micron Technology deserves its raised status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the company and check out all the information and opinions the community offers, absolutely free.

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Fool contributor Dave Mock recently upgraded his puzzle-solving aptitude to include Sudoku puzzles of medium difficulty. He owns shares of Intel. Apple is a Stock Advisor recommendation. Intel, Dell and Nokia are Inside Value picks. The Fool's disclosure policy hasn't jumped on the bandwagon to become a tequila connoisseur yet.