Instinet analyst Romit Shah issued a note Friday that reiterated his positive view on Micron Technology Inc. MU, +0.19% whose shares are rallying in morning trading. Micron's stock is up 0.8% in Friday's session, while the PHLX Semiconductor Index SOX, -0.95% is down 0.4%. Micron shares fell 6.7% on Thursday. Shah maintained his buy rating and $100 price target on Micron shares following a meeting with the company's chief financial officer. "We don't anticipate a massive step-up in capex next fiscal year," Shah wrote, relaying that Micron's CFO David Zinsner said he wants to focus on returns on investment. Shah said that Zinsner also didn't appear worried that NAND pricing declines would continue, after they fell in February. "Management continues to expect DRAM suppliers to be rational about capacity expansion in an effort to sustain high margins and cash flow," Shah added. Micron shares are up 71% over the past 12 months, while the PHLX Semiconductor Index is up 31% and the S&P 500 SPX, -1.14% has gained 13%.