MKM Partners analyst Ruben Roy became the latest to cut his price target on shares of Micron Technology Inc. MU, +0.30% on Thursday. He lowered his price target to $63 from $77 but kept his buy rating intact. "On the NAND side, we are less optimistic about the rate at which MU's cost downs associated with the ramp of [64-layer] will offset [average-selling-price] declines," Roy wrote. Though Wall Street estimates have been coming down on this front, Roy still believes the consensus is too optimistic with their ASP forecast. He remains upbeat on long-term DRAM trends, though he thinks that complexities around scaling could limit bit growth to 20% or less in the next few years. Shares are up 5.7% in Thursday trading. They're off 14% over the past month, while the S&P 500 SPX, -2.37% has gained 2.9% and the PHLX Semiconductor Index SOX, -2.45% has fallen 0.8%.