JPMorgan reiterated its Overweight rating and $1,540 price target on Micron (NASDASQ: MU) stock on September 28, two days ahead of the company’s earnings report.

The bank cited stronger-than-expected pricing momentum and continued tightness across the memory market. Specifically, analyst Arlan Sur expects Micron to report August-quarter revenue, gross margin, and earnings per share above consensus estimates of $51.4 billion, 86.2% and $31.73, respectively.

Furthermore, Sur said pricing momentum remained strong throughout the quarter despite earlier comments from management that the pace of price increases could moderate. This, he argued, could reflect Micron’s efforts to preserve customer relationships and secure…