Micron Technology, Inc. (NASDAQ:MU) declared at a conference presentation today an improving memory pricing environment, and in light of that, its non-GAAP EPS for the fiscal year of 2016 would be positive.

In reaction, Pacific Crest analyst Weston Twigg raised his FQ4 and F2017 revenue estimates to $3.2B and $13.59B from $3B and $13B, respectively. However, Twigg remains sidelined, reiterating a Sector Weight rating on the stock as he feels “much improvement has become priced in at current levels,” but recognizes “fair value” between $15 and $20.

The analyst anticipates capex plans for the fiscal year of 2017 to be greater DRAM-focused, expecting that “memory producers may begin to focus on more aggressive DRAM conversions to take advantage of improving pricing.”

However, “While market dynamics are improving, we remain concerned that DRAM conversions and 3D NAND capacity expansion could drive higher supply and lower pricing by mid-2017,” the analyst concludes.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, five-star analyst Weston Twigg is ranked #323 out of 4,147 analysts. Twigg has a 75% success rate and yields 12.1% in his annual returns.

TipRanks analytics demonstrate MU as a Buy. Based on 22 analysts polled in the last 3 months, 17 rate a Buy on MU, 4 maintain a Hold, while 1 issues a Sell. The 12-month average price target stands at $17.83, marking a 5% upside from where the shares last closed.