As previously reported, Benchmark analyst Mike Burton started Micron Technology (MU) with a Buy rating, stating that he sees little evidence of a supply glut in the company's DRAM business heading into the second half of this year.

On the NAND side of the business, he believes Micron has become a cost leader at 64-layer 3D NAND, is in-line or ahead on its QLC transition, and is likely to gain market share.

Burton, who predicts the company will begin using its free cash to buy back stock in FY19 after becoming net cash positive in the May quarter, set an $80 price target on Micron shares.