Here are the biggest calls on Wall Street on Monday:
Susquehanna upgraded Western Digital on the expected ramp-up of the 5G smartphone build cycle.
"In a nutshell, we expect the 5G smartphone build cycle to start in earnest in late Mar-Q, which combined with all the cuts to NAND cap-ex and wafer starts, all aimed at reducing bit supply growth rate, should lead to a tight NAND supply-demand market by June-Q. We actually don't rule out (real) "shortages" hitting the headlines by mid-summer! Game console upgrade cycle of 2020 could also exacerbate the NAND shortages into 2H20."
Susquehanna upgraded Micron and said it sees an attractive risk/reward for the chip maker.
"However, we see increased prospects of a sustainable DRAM/NAND average selling price improvement starting in the May quarter and sustaining into 2H20. As such, we are increasing our FY21 EPS estimate and now argue for earnings power in the $8-$10 range, thus providing MU shares with an attractive risk/reward profile looking 12 months out. Upgrading to Positive, with price target of $85."