As shares of Boise, Idaho-based semiconductor manufacturer Micron Technology Inc. (MU) soar 91.51% year-to-date (YTD) versus the S&P 500’s 14.9% increase over the same period, one team of analysts on the Street sees the chipmaker continuing to outperform the market and become net cash positive by the end of next year. (See also: Buy Micron—DRAM, NAND to Deliver Upside: Deutsche.)

In a research note posted Thursday, UBS analyst Stephen Chin reiterated his buy rating on MU and increased his price target to $53 from $39.50, implying about 28% upside from Friday's close of $41.50 per share.

Micron’s Earnings Expected to Rise in 2018

Chin applauded Micron’s plans to retire $2.25 billion of its debt, funding it with proceeds from a recent equity offering and cash already on hand. 

Remaining upbeat on the red-hot memory chip space, Chin no longer sees either DRAM prices or Micron’s earnings falling next year, although he does expect a correction materializing in 2019. The analyst significantly increased his forecasts for the next two years, driven largely by DRAM chip average selling price (ASP) set to gain 8% in 2018. The UBS analyst foresees Micron posting earnings per share (EPS) up 50% next year to $7.50. In 2019, due to a forecast 19% reduction in DRAM prices, Chin expects Micron’s per-share profit to drop off to $6.55. The analyst was previously forecasting a 32% drop in DRAM prices in 2019.

The upbeat note echoes recent reports from analysts such as Instinet’s Romit Shah, who lifted his price target to $50 earlier this week. Last week, Barclays analyst Blayne Curtis increased his price target to $60 per share, highlighting positive pricing trends that will last into next year for DRAM and NAND. (See also: Micron Set to Double After Q4 Beat: Analysts.)

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