Morgan Stanley analyst Joseph Moore noted that semiconductor equipment suppliers Lam Research (LRCX) and Applied Materials (AMAT) have indicated that spending for DRAM is expected to be down over 30% for the full year of 2016, which he estimates may mean that 2017 supply growth will likely be below 20%, making it one of the two slowest years in history for DRAM supply growth. Even with lackluster demand, that type of growth would tighten the supply/demand balance and lead to better pricing through 2017, Moore contends. The firm continues to be positive on DRAM supplier Micron (MU) at these levels, keeping an Overweight rating and $18 price target on the name, while also keeping Overweight ratings on Lam Research and Applied Materials.