JPMorgan analyst Harlan Sur raised his price target for Micron Technology to $64 from $55 and keeps an Overweight rating on the shares following last night's fiscal Q2 results. The company's outlook for Q3 was well below consensus on a weaker pricing environment associated with continued excess inventory across end-markets that could take another two quarters to "bleed off," Sur tells investors in a post-earnings research note. The analyst believes the industry remains focused on profitability and free cash flow generation rather than on market share. He expects supply/demand fundamentals to normalize in the back half of the year sees a favorable risk/reward profile at current Micron share levels.