BofA Merrill Lynch analyst Simon Woo raised his price target on Micron shares to $60 from $45, noting that the DRAM spot market price has rebounded firmly in recent days, which he attributes to chip supply shortage concerns in conjunction with disruption at Samsung and Hynix. Woo also noted that Micron's earnings and stock performance typically correlate closely with the spot price trend. He tentatively assumes the Japan-Korea trade dispute that may impact the import of three major semiconductor materials will only have a single-digit impact on global supply, adding that DRAM's spot price "usually overreacts to news, but it can be a leading indicator" for the average selling price trend. Woo keeps a Buy rating on Micron shares.