Morgan Stanley analyst Joseph Moore noted a surge in DRAM volumes that started in May, which he attributes to a combination of seasonal builds and anxiety about potential supply disruption. However, supply concerns have eased and he doesn't see a repeat of the inventory build of the last 4-5 months occurring in Q4, Moore tells investors. He also does not think that DRAM margins have hit bottom, Moore added. On the NAND side, improvements have lasted longer than his initial expectations, but Moore sees challenges on both the supply side and demand side that keep him from calling an inflection in NAND. He is e raising his estimates for Micron to the high end of his range for the August quarter and raising them slightly for the November quarter, though beyond the quarter he would be inclined to take profits, as Moore does not see recent positive trends as sustainable. The analyst has an Equal Weight rating and $48 price target on Micron shares.