Morgan Stanley analyst Joseph Moore previews Micron's next quarterly earnings, saying that while he still expects a strong quarter and outlook, the secular bullish arguments may be turning "too optimistic". The analyst says there is little evidence of "very strong" near term DRAM demand while the perception of the company's insulation from oversupply on price may also be overextended. Moore keeps his Overweight rating and $54 price target on Micron, adding that with the stock price now heading above $60 per share, there needs to be more evidence of cloud demand strength persisting through year end.