In a note to investors today, Burton said "...as we move through the back half 2016 and demand begins to pick up and company-specific cost cuts come to fruition, earnings could rise off a depressed base."
Burton's price target on the stock is $14.
Meanwhile, analysts at Raymond James upgraded Micron shares to strong buy from outperform.
The analysts pointed to flash memory taking a significant amount of market share from hard disk drives, after disk drive maker Seagate Technology cut its third quarter revenue outlook.
Raymond James predicts that Micron will benefit from longer term growth opportunities, along with "improving leverage in non-volatile memory" and higher cash flow. The analysts maintain their $17 price target on the stock.
Micron shares have recently been under pressure due to weak demand for its chips amid a slowdown in personal computer shipments.
The stock has lost 25 percent this year, and more than 60 percent over the past 12 months.