Brean Capital analyst Mike Burton weighed in on Micron Technology, Inc. (NASDAQ:MU), as the the next key milestone for the company will be its fiscal third-quarter results on Thursday, June 30. The analyst reiterated a Buy rating on the stock, with a price target of $14, which implies an upside of 11% from current levels.

Burton wrote, “Post our launch of Micron on April 15, 2016, we shortly after heard from both Samsung and Hynix that they would either cut their DRAM CAPEX or most likely not achieve the full capital spending targets for 2016 that the Street had originally planned. In conjunction with the major Korean players reducing DRAM supply expectations, we also heard from many semiconductor capital equipment vendors who echoed those reduced DRAM CAPEX expectations.”

“Looking now from a bottoms-up perspective, we believe MU has and is still executing on its current cost initiatives as it is transitioning to 20nm memory on the DRAM side and also working to deliver 3D NAND on schedule to see significant bit growth in the 2H of 2016. As we believe MU’s cost cutting internal priorities are on track and that there will be a better top-down picture, this suggests that there is upside to numbers over the medium to long term,” the analyst continued.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mike Burton has a yearly average return of 11.2% and a 59% success rate. Burton has a 22.6% average return when recommending MU, and is ranked #160 out of 3980 analysts.