Chip News: Micron Technology, Inc. (NASDAQ:MU), SanDisk Corporation (NASDAQ:SNDK)

Lakeway, NY -- (SBWIRE) -- 02/28/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-

Micron Technology, Inc. (NASDAQ:MU) on Monday has entered into an agreement with German specialty semiconductor maker LFoundry to sell its Micron Technology Italia, or MTI, subsidiary, along with all of its semiconductor fabrication facility assets in Avezzano, Italy the financial terms of which was not yet disclosed.

Is MU Signaling a Buy After The Sudden Gain? Don’t Miss Out Free Trend Analysis Here

Micron is assigning LFoundry the rights to a four-year supply agreement whereby MTI supplies CMOS camera-chip maker Aptina Imaging with image sensors. LFoundry will also receive a restricted technology license to manufacture the chips.

Shares of Micron rose by 23 cents or 2.83% to close at $8.18 on Wednesday.

SanDisk Corporation (NASDAQ:SNDK) shares rose by 10 cents or 0.20% to close at $50.49 on Wednesday after Doug Freedman an analyst at RBC Capital upgraded the company’s stock from Sector Perform to Outperform with a price target of $65 up by almost 30% saying the nature of core business is rapidly shifting away from a commodity memory IC supplier to a high-value solutions company driven by rising mix of its Embedded (iNAND) and SSD (iSSD enterprise and client) solutions.

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"This transformation towards a vertically integrated systems solution provider is a culmination of internal developments (advanced controllers, firmware, ECC in-order to gain ecosystem support), prudent acquisitions (Pliant, FlashSoft, Schooner) & investments (WHIPTAIL) which will become increasingly material to SanDisk’s revenue contributions through share gains in mobile and storage segments," Freedman said. "The pace of SanDisk in-roads in SSDs likely proves to be disruptive to traditional storage solutions providers. The transformation to a solutions company, driven by a broader Embedded and SSD solutions portfolio, should result in a stronger gross margin profile and increased stability in earnings power."

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