Shares of Micron Technology Inc. MU, +0.30% are up 1.4% in premarket trading Friday after Mizuho analyst Vijay Rakesh defended the stock following Thursday's pullback. The stock dropped 8% on Thursday after a Morgan Stanley downgrade. Mizuho's Rakesh still sees reasons for optimism in regards to both the DRAM and NAND businesses. "We continue to see upside in 2H18 driven by data center, server and PC demand," he wrote. "While NAND should see mid-single digit ASP declines, it should also drive significant demand elasticity." Micron shares are up 87% over the past 12 months, while the S&P 500 SPX, -2.37% has gained 11% and the PHLX Semiconductor Index SOX, -2.45% has risen 26%.