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Micron Upgraded, Samsung Chip Rivalry Cools

Haunted by weak PC sales and an Apple (NASDAQ:AAPL)-Samsung alliance for memory chips, Micron (NASDAQ:MU) stock sagged Friday, continuing a general downtrend that began in December.

Still, Summit Research analyst Srini Sundararajan upgraded Micron stock Friday on the premise "that 12-18 months from now, MU will likely be trading at least 20% higher from where it is today."

Micron stock hit a wall when Samsung announced a deal with Apple to produce about half of the DRAM chips the Cupertino, Calif., company needs for its iPhones. Samsung competes with Micron in memory chips.

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That slump was followed by lower-than-expected guidance by Micron for its fiscal Q4...