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Morgan Stanley analyst Joseph Moore downgraded Micron to Equal Weight from Overweight with a price target of $75, down from $105, in a team note on the Global Semiconductor industry titled "Memory - Winter Is Coming." 

While acknowledging it is difficult to predict cyclical turns, Moore and his team contend that DRAM conditions "are losing steam" and note that their "inflection signposts suggest caution from here."

While he has been "impressed" by the structural improvements at Micron and admits August quarter results should still have upside, Moore expects the stock to be "effectively rangebound" in an environment where DRAM prices start to decline, he tells investors.