BMO Capital analyst Ambrish Srivastava reiterated an Outperform rating and $60.00 price target on Micron Technology (NASDAQ: MU) after the company reported F1Q revenues of $5.14 billion, up 6% q-q vs. expectations of up 3% q-q while EPS of $0.48 topped consensus’ estimates of $0.47.

The analyst believes the recovery is continuing to roll along stating "Micron is likely going to come through this tough downturn demonstrating the meaningful structural improvements it has made on its own, along with help from a more rational (DRAM/NAND)/more profitable (DRAM) industry. Nothing is more indicative of that than the big reversal in FCF. From a negative $3.5B over the last downturn to our modeled positive $1.5B this time around."

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Shares of Micron Technology closed at $55.25 yesterday.