JPMorgan analyst Harlan Sur noted that Micron reported better than expected Q3 results and while the company's August quarter guidance was below consensus, he thinks it was likely better than many investors had expected. Micron said it is poised to return to solid bit shipment growth in DRAM as demand in cloud, PC, gaming and networking have depleted excess customer inventories, said Sur, who also noted that the company said it is continuing to ship a subset of products to Huawei. The analyst thinks technology migrations and manufacturing ramps in DRAM and NAND, combined with a focus on higher value-add products, should be tailwinds to gross margins into next year. He keeps an Overweight rating on Micron with a $50 price target.