Mizuho analyst Vijay Rakesh raised the target price of Micron Technology Inc (MU.US) to $70 from $56 and maintained its "buy" rating, Zhitong Financial APP learned.

The analyst's preliminary assessment of the server and data center outlook for the Asian server supply chain in the first half of 2021 shows that ultra-large demand for cloud computing will rebound faster than expected as early as the first quarter of 2021. Rakesh believes that the rebound in cloud computing is good for Intel Corp (INTC.US) and AMD (AMD.US), but also good for memory companies, especially Micron Technology Inc.

Before trading on Nov. 23, the stock rose 1.81% to $62.51 as of 21:17 Beijing time.