Morgan Stanley analyst Joseph Moore said Micron's quarter was largely as he had previewed and he believes the company is executing well on the things it can control. He attributes the after-hours strength in the stock to the fact that another tough quarter and outlook is now behind the company, as well as demand commentary and "some nuance of the Huawei situation." However, Moore thinks producers in aggregate seem likely to build inventory further from levels that are already at a 20-year high and he sees "a much wider gap between supply and demand than the company talks about." Moore keeps an Underweight rating on Micron shares and trimmed his price target on the stock to $31 from $32 following the company's results and guidance.