Overall, however, Rakers expects that memory chips and 5G enabled chips will emerge as the drivers of the industry next year. The company has seen its market cap expand to $78 billion this year, as shares have appreciated 32% year-to-date. Revenue came in at $21.44 billion, down 8.4% year-over-year, and operating cash flow fell to $8.31 billion from $13.19 billion in FY19. AMD shares are selling for $91.64, and like Micron, their recent appreciation has closed the gap with the $94.71 average price target. (See AMD stock analysis on TipRanks)Western Digital Corporation (WDC)Closing out the Wells Fargo picks on this list is Western Digital, a designer and manufacturer of memory systems.

Source: Wall Street Journal December 27, 2020 15:00 UTC