Piper Jaffray analyst Ruben Roy came out with a research report on Micron Technology, Inc. (NASDAQ:MU) to address the concerns about the PC DRAM pricing decline. The analyst maintained an Overweight rating, while slightly reducing the price target to $34 (from $35). Micron shares are currently trading at $25.78, down $0.14 or 0.54 percent.

Roy Observed, “Our recent meetings in Taiwan have left us more cautious on DRAM pricing due to weakness from PCs, but we still see MU shares as cheap despite revisions to our earnings forecast. Checks in Taiwan leave us expecting PC DRAM prices to continue declining for the rest of 2015.” Furthermore, “While DRAM comprises just 1/3 of MU’s DRAM revenues, we believe ongoing price declines will present a meaningful headwind throughout 2015. The good news is mobile and server DRAM pricing remains stable with demand picking up, especially due to the upcoming iPhone cycle which will likely include higher DRAM densities.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ruben Roy has a total average return of 11.4% and a 55.6% success rate. Roy has a -5.7% average return when recommending MU, and is ranked #532 out of 3614 analysts.

Out of the 19 analysts polled by TipRanks, 14 rate Micron stock a Buy, 4 rate the stock a Hold and 1 recommend a Sell. With a return potential of 44.44%, the stock’s 12-month consensus target price stands at $37.44.

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