Micron, Western Digital stocks rip higher after Cowen upgrades

Sanjay Mehrota, CEO, Micron
Scott Mlyn | CNBC

An analyst at Cowen upgraded shares of Micron Technology and Western Digital, sending the chipmakers higher on Tuesday.

Karl Ackerman upgraded both stocks to outperform from market perform. He also raised his Micron price target to $70 per share from $50 per share. That target implies more than 30% upside from Monday's close of $53.57 per share. Ackerman hiked his Western Digital price target to $88 per share from $45 per share, implying nearly 40% 12-month upside from Monday's close of $63.37 per share.

Micron shares rose 8.8% to $58.27 per share, while Western Digital advanced 6.8% to $67.66 per share.