JPMorgan analyst Harlan Sur believes many investors are concerned of potential memory supply from China coming on-line and disrupting overall industry supply/demand fundamentals. Such concerns are overblown as China does not have the intellectual property, especially in DRAM, Sur tells investors in a research note. He does not expect China to be competitive in memory until the end of the decade. The analyst expects Mircron to benefit from relative supply/demand balance and favorable pricing through 2017 and likely beyond. He keeps an Overweight rating on the shares with a $38 price target.