Piper Jaffray analyst Ruben Roy cut estimates and his price target on Micron Technology (NASDAQ: MU) to $35.00 (from $41.00) following Q2 results and a lower outlook but maintained an Overweight raitng.

Roy commented, "We reiterate our OW rating on MU shares following F2Q earnings despite a lower than expected outlook for F3Q as we continue to view the longer-term fundamentals for the DRAM industry as positive and we view MU shares as inexpensive. For F2Q, revenue of $4.2B was in line with guidance. F3Q revenue expectations of $3.8-4.05B are lower than current consensus of $4.3B. Despite the expected Q/Q revenue decline, MU is guiding DRAM bit production to increase in the high single digits, which indicates that MU will be holding inventory ahead of expectations for stronger demand in 2H. While we expect this strategy to be viewed negatively, our checks, for now, remain consistent with MU's expectations for a stronger 2H. We reduce our estimates & PT but continue to see a positive risk-to-reward profile for MU shares here."

The firm cut FY 2015 EPS from US$3.38 to US$2.99 and FY 2016 EPS from US$3.70 to US$3.20.

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Shares of Micron Technology closed at $27.13 yesterday.