Shares of Micron (MU) - Get Report were on the rise Wednesday as the chipmaker landed its second big vote of confidence from analysts in two days.

Micron's stock price rose 3.94% to $51.33 after analysts at Longbow upgraded the big semiconductor industry player's stock to buy from neutral, citing what it believes is a turnaround in the chip market.

The chip market is burning through excess inventory faster than expected, analyst Nikolay Todorov wrote, arguing the sector is "turning a corner."

The quickening pace of demand, in turn, is "triggering an improvement in pricing and margin ahead of current expectations," Todorov noted.

The drop-off in demand for DRAM components for primary system memory should flatten out by the end of the year, while demand for chips for NAND flash memory products are already showing signs of a turnaround, the analyst wrote.

Micron closed up 0.53% to $49.39 Tuesday as analysts at KeyBanc reaffirmed their overweight rating on the chipmaker's stock while boosting their price target to $58 from $45.

KeyBanc analyst Weston Twigg cited "increasing signs of stabilization" in the semiconductor sector.

"Barring a recession, we expect memory trends to improve through 2020," Twigg wrote in a note. "MU is well-positioned to benefit from long-term drivers related to compute and storage."