Citi is bullish about one part of the semiconductor industry. Here are its top stock picks

An upturn in a corner of the semiconductor industry began in the second half of this year, according to Citi. CNBC takes a look at five of its stock picks.

An upturn in a corner of the semiconductor industry began in the second half of this year, according to Citi. That's DRAM, or dynamic random-access memory — a type of semiconductor memory needed for data processing. "DRAM pricing has started to rebound in 2H23 as DRAM production cuts start materializing," the bank said in a Nov. 1 note, noting that DRAM spot pricing has increased by 5% over the past month.

It gave Micron, which produces DRAM and other types of memory, a price target of $85 — given the DRAM pricing rebound. That implies potential upside of around 20%. "If memory demand exceeds memory industry supply, it could lead to higher DRAM pricing, resulting in upside to our estimates on Micron," Citi said. However, the converse also applies.

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