Longbow analyst Joe Wittine re-established coverage of Micron with a Neutral rating, stating that while DRAM fundamentals are “excellent” and valuation is at a trough, he expects the normalization in the DRAM cycle to create some drag on investor sentiment and Micron shares. Wittine, who sees parallels between today’s DRAM setup and the mid-2017 peak of the NAND cycle, said he could become more constructive on Micron shares with either an unexpected improvement in industry fundamentals or a pullback in the stock price toward $50 per share.