Micron viewed favorably as J.P. Morgan forecasts 8% DRAM growth
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J.P. Morgan is maintaining its "positive stance" on Micron Technology (NASDAQ:MU) and several other dynamic random access memory-related stocks, as the investment firm believes the global market is set to rise 8% this year.
A team of analysts, led by J.J. Park, noted that the NAND market is also expected to grow in 2022, rising 35% year-over-year, which would help the "mild" 3% year-over-year decline in the average selling price. 
"We have revised up our 2022 memory revenue estimate by 8%, including 7%/11% upward revisions to DRAM/NAND revenue, respectively," the analysts wrote, adding that the revenue upside related to DRAM "is triggered by stronger-than-expected price outlook as evidenced by lower-than-expected supply growth."
Micron (MU) shares fell slightly more than 2.5% to $75.65 in early Tuesday trading.
In addition, the investment firm believes that price changes to NAND now reflect mild quarter-over-quarter growth starting in the second-quarter, compared to a previous outlook for decline, largely due to the supply disruption at the Western Digital (WDC) fab in Japan. 
The firm added that NAND is likely to outgrow DRAM, or dynamic random access memory, in 2022 and 2023, due to stronger pricing and health demand for products like solid state drives and 5G smartphones. 
There are some headwinds, as PCs are expected to decline 8% year-over-year and smartphones are expected to be "flattish" in 2022, but data centers are expected to rebound in the second-quarter, aided by easing component shortages. 
"Hence, we note server DRAM demand contribution steadily rises by 2ppt to high-30% level, which will be the fastest growing DRAM segment amidst lukewarm demand patterns in [consumer electronics] applications," the analysts wrote.
On Tuesday, Micron (MU) announced that Mark Murphy, previously the Chief Financial Officer at Qorvo (QRVO), would join as Executive Vice President and CFO, effective April 18, 2022.