Shares of Micron Technology Inc. MU, -0.48% are up 1.1% in premarket trading after Benchmark analyst Mike Burton initiated coverage of the stock with a buy rating and $80 price target. "We believe MU has progressed from a 'cash burn' to a 'cash return' story in only two years, and we expect the stock to remain a cyclical growth name, generating increasing profits and cash flow on each respective high and low of the memory cycle," Burton wrote. "We see little evidence of a supply glut in MU's DRAM business heading into 2H18 (or until significant wafers are added due to structural tightness), and we are encouraged that its product roadmap extends another 4 generations to 1β." He also is upbeat about Micron's cost leadership when it comes to 64-layer 3D NAND. Micron's stock is up 86% over the past 12 months, while the S&P 500 SPX, +0.46% has gained 13% and the PHLX Semiconductor Index SOX, +1.56% has climbed 27%.