Shares of Micron Technology Inc. MU, +0.04% rose 0.5% in premarket trade Tuesday, after J.P. Morgan analyst Harlan Sur suggested recent growing bearish sentiment was unwarranted, saying in a note to clients that he continues to see "significant upside" in the memory chip maker. He reiterated his overweight rating and $84 stock price target, which is 93% above Monday's closing price of $43.58. Sur said recent sentiment was based on fears of peak pricing in the second half of 2018 and a downturn cycle in 2019, but he expects supply and demand fundamentals to remain in balance, as suppliers remain rational in adding bit supply and demand for memory remains "strong and broad based." He expects particularly strong datacenter demand, which is Micron's largest end market. "Moreover, we believe Micron is structurally better positioned to compete in memory markets moving forward with a much improved cost structure on better manufacturing execution (node transitions) versus prior cycles," Sur wrote. Micron is slated to report fiscal fourth-quarter results after Thursday's closing bell. The stock has tumbled 25.4% over the past three months, while the PHLX Semiconductor Index SOX, +1.42% has slipped 3.6% and the S&P 500 SPX, +0.65% has gained 4.2%.