NEW YORK (TheStreet) -- Shares of Micron Technology  (MU) - Get Report rose 1.45% to $28.01 in morning trading Wednesday in sympathy with peer company SanDisk  (SNDK) , which received an upgrade to "Conviction Buy" at Goldman Sachs  (GS) - Get Report today.

The firm also increased its price target to $106 from $100 based on expectations for a more favorable valuation, and improved 2015 NAND flash supply and demand balance.

"Low 2H14 NAND [chip equipment] orders imply supply growth will be reasonable for at least the next two quarters (there is a two quarter lag between orders and output), and demand should pick up from a seasonally slow 1Q (aided by higher NAND per phone)," the firm wrote in a research note.

Goldman Sachs also expects SanDisk's margins to improve by 400 basis points by the fourth quarter thanks to a weaker yen and the company's increased production of the 15nm NAND.

Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• MU's revenue growth has slightly outpaced the industry average of 10.7%. Since the same quarter one year prior, revenues rose by 13.1%. Growth in the company's revenue appears to have helped boost the earnings per share.
• The current debt-to-equity ratio, 0.49, is low and is below the industry average, implying that there has been successful management of debt levels. To add to this, MU has a quick ratio of 1.56, which demonstrates the ability of the company to cover short-term liquidity needs.
• The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, MICRON TECHNOLOGY INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
• Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period. Although other factors naturally played a role, the company's strong earnings growth was key. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
• You can view the full analysis from the report here: MU Ratings Report