As previously reported, Morgan Stanley analyst Joseph Moore downgraded Micron to Underweight from Equal Weight, stating that the company’s fundamentals have not changed but the stock has rallied amid recent optimism as cloud demand has started to come back and a competitor has experienced a “minor product qualification challenge.” However, the growing consensus view that earnings will be near a bottom this quarter seems “much too optimistic” to Moore, who sees DRAM remaining oversupplied throughout the year and into next. NAND is closer to a bottom than DRAM, admits Moore, but he sees difficult conditions persisting for NAND through the year as well. He keeps a $32 price target on Micron shares.