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March 2, 2020, 8:32 a.m. EST · CORRECTED

Micron, Western Digital, Seagate get upgrades at Baird

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By Emily Bary

A prior version of this report misstated which stock received a double upgrade from Baird. It is Western Digital.

Baird analyst Tristan Gerra ended his bearish call on Micron Technology Inc. shares /zigman2/quotes/205710729/composite MU -0.62% while turning bullish on Western Digital Corp. /zigman2/quotes/204213617/composite WDC -0.63% and Seagate Technology PLC /zigman2/quotes/201824240/composite STX -0.59% in a series of upgrades Monday. "DRAM/NAND flash pricing positive outlooks remain unchanged despite current demand weakness in China, as supply chain is holding onto inventories in the face of supply disruptions and PCB DRAM module shortages," Gerra wrote. "We expect memory pricing to remain very resilient throughout this year." He upgraded Micron's stock to neutral from underperform and Seagate's stock to outperform from neutral. He also bumped up his rating on Western Digital by two notches, to overweight from underweight. Micron shares have dropped 1% over the past month, while Seagate shares have lost 16% and Western Digital shares have shed 15%. The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% is off 8.4% in that time, compared with a 4.7% drop for the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX +0.63% .

/zigman2/quotes/205710729/composite
US : U.S.: Nasdaq
$ 44.94
-0.28 -0.62%
Volume: 13.39M
May 22, 2020 4:00p
P/E Ratio
22.23
Dividend Yield
N/A
Market Cap
$49.98 billion
Rev. per Employee
$832,917
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/zigman2/quotes/204213617/composite
US : U.S.: Nasdaq
$ 42.42
-0.27 -0.63%
Volume: 3.43M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$12.71 billion
Rev. per Employee
$270,824
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/zigman2/quotes/201824240/composite
US : U.S.: Nasdaq
$ 50.96
-0.30 -0.59%
Volume: 1.52M
May 22, 2020 4:00p
P/E Ratio
7.61
Dividend Yield
5.10%
Market Cap
$13.08 billion
Rev. per Employee
$263,814
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/zigman2/quotes/210599714/realtime
US : S&P US
2,955.45
+6.94 +0.24%
Volume: 2.19B
May 22, 2020 5:09p
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/zigman2/quotes/210598361/realtime
US : Nasdaq
1,802.31
+11.35 +0.63%
Volume: 157,242
May 22, 2020 5:16p
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