Micron Technology Inc. came up well short of the consensus view with its outlook for the current quarter, but that shouldn't have come as much surprise to Wall Street, according to to TD Cowen analyst Krish Sankar.

Rather, the biggest shock to him is that Micron's stock MU is down so much after the company's forecast, which called for $1.43 in adjusted earnings per share at the midpoint. Admittedly, that was even under Sankar's below-consensus estimate of $1.65, but he spies a buying opportunity "given the well-understood weakness in near-term memory pricing" but upbeat tone on artificial intelligence.