Cowen analyst Karl Ackerman said Micron's (MU) guidance for the May quarter implies it is still annualizing more money in this downturn than it achieved in the prior peak cycle and that its "materially improved" NAND tech roadmap and expanding growth vectors in DRAM suggest that its free cash flow story is sustainable and underappreciated. However, he said he views Micron's capex read-through as negative for Ichor Holdings (ICHR) and Ultra Clean (UCTT) and he sees the company's controller development as unfavorable for Silicon Motion (SIMO). Ackerman raised his price target on Micron to $46 from $40 and keeps an Outperform rating on the shares.