Micron Technology, Inc. (NASDAQ:MU) shares are falling 9.5% to $12.45 mid-day trading Friday, after the memory chip giant reported fiscal third-quarter revenue that missed analysts’ exceptions, and a weaker-than-expected outlook for this quarter’s revenue and profit.

Brean Capital analyst Mike Burton commented, “Expectations were no doubt elevated for Micron heading into the May-16Q as the company’s shares had climbed 29% in the last 10 weeks since we had launched. With that backdrop, the company reported a lackluster May-16Q; revenues slightly missed expectations and non-GAAP EPS only beat the Street by $0.01. In terms of guidance, the company is taking a conservative view and guided Aug-16Q revenue and EPS that missed Street expectations on declining Q/Q gross margins, which is disappointing given a turn in margins is part of the MU bullish case (or any semiconductor company for that matter).”

“From a top-down point of view, we still believe industry fundamentals are indeed improving, but not accelerating, given recent capex cuts from the DRAM industry leaders. 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 (cross over point to 20nm was this quarter) on the DRAM side and also working to deliver 3D NAND (cross over point will be this fall),” the analyst added.

Burton reiterated a Buy rating on Micron shares, with a $14 price target, which implies an upside of 13% from current levels.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mike Burton has a yearly average return of 12.9% and a 60.3% success rate. Burton has a 22.6% average return when recommending MU, and is ranked #118 out of 4001 analysts.

Out of the 37 analysts polled by TipRanks, 28 rate Micron Technology stock a Buy, 6 rate the stock a Hold and 3 recommend a Sell. With a return potential of 37.5%, the stock’s consensus target price stands at $17.