Shares of Boise, Idaho-based semiconductor manufacturer Micron Technology Inc. (MU) stemmed a six-day decline Wednesday as investors reacted to bullish analyst notes on the chipmaker. 

MU rallied nearly 5% on Wednesday, following suit of industry peers such as Advanced Micro Devices Inc. (AMD) and Intel Corp. (INTC). Trading down 1.2% on Thursday afternoon at $30.16 per share, MU reflects a whopping 157% return over the most recent 12-month period.

The global chipmaker has benefited from a revived demand for its DRAM and NAND memory chips, securing consecutive quarterly earnings results above the consensus and generating a wave of bullish analyst notes foreseeing favorable conditions persisting. (See also: Micron Gets Six Price Target Hikes on Stellar Q2.)

11 Months of YOY Growth

The latest of upbeat research note on Micron comes from analyst David Wong at Wells Fargo. Referencing recent data from the Semiconductor Industry Association (SIA), Wong indicates chip sales rose 23.8% year-over-year (YOY) in May, compared to a 22% increase in April and an 18% rise in March.

“The semiconductor recovery, which began in mid-2016 continues,” said Wong. “SIA numbers imply that May was the 11th month in a row of year/year growth and the seventh month in a row of double digit percent growth.” Wells Fargo reiterated an outperform rating on MU, maintaining an 11% to 17% growth projection for the overall semiconductor industry in 2017. While remaining positive overall on the industry, Wong warns that inventory data implies inventory rose throughout the electronics supply chain. “We continue to see good investment opportunities within our coverage but we have become more selective in our stock picks,” wrote Wong.

Macquarie Research analyst Damian Thong also recommends buying select chipmaker on any “pullback,” including Micron, Tokyo Electron, Samsung Electronics, and SK Hynix. The analyst is bullish “structural chip sector sales and profit growth” amid an “Age of Convergence,” wherein “software drives hardware demand by opening up new engines of value creation.” (See also: Micron Concerns Over Chinese Competitors Are Overblown.)