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Tech Industry

Upgrade sparks Micron Technology shares

    Micron Technology shares moved up $1.75, or 5 percent, to $35.88 Tuesday after Goldman Sachs upgraded the chipmaker from a "market outperform" rating to its "recommended list."

    Despite strong fourth-quarter earnings, Micron (NYSE: MU) shares slipped to a 52-week low of $28 a share in October.

    In the fourth quarter, it beat the Street when it returned a profit of $727 million, or $1.20 a share, on sales of $2.6 billion.

    However, concerns about eroding memory-chip prices kept Micron's stock in check.

    First Call Corp. consensus expects it to earn 93 cents a share in its first quarter and $3.99 a share in the fiscal year, estimates that company officials are comfortable with for now.

    Seventeen of the 22 analysts tracking the stock rate it either a "buy" or "strong buy."

    The stock peaked at $97.50 in July.