Shares of Micron Technology, Inc. (MU - Get Report) have been struggling lately, down 10% since mid-July. However, Citigroup analysts are "drawing a line in the sand," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment Tuesday.

The stock is rebounding by 2.77% to $28.90 in early trading as a result, but it is still carrying a bulk of its losses from the past few weeks. The analyst contends Micron stock's recent weakness is a buying opportunity, reiterating their buying rating and $45 price target.

"Micron has had two great quarters and the stock has not been able to advance," Cramer reasoned. When asked why, by co-host David Faber, he explained that " everyone feels that we're one DRAM chip away from being out of equilibrium [in the supply-demand dynamic]."

In other words, if the DRAM market shifts to oversupply rather than over-demand, pricing power will diminish and stocks like Micron will be in serious trouble. It doesn't help that Seagate Technology PLC (STX - Get Report) reported a "hideous" disk-drive result, sparking concern over companies like Micron and Action Alerts PLUS portfolio holding Western Digital (WDC - Get Report) .

Cramer also cited recent comments from Lam Research Corporation (LRCX - Get Report) . Management said that capital equipment spending has not grown much, and while that may not be great news for LRCX, it says that the undersupply dynamic in the DRAM market is likely to stay in place for the foreseeable future.

Again, though, the concern is that this market situation will eventually end, which has investors cautious on Micron.

"Micron is the ultimate boom-bust story," Cramer concluded.

More of What's Trending on TheStreet:

At the time of publication, Jim Cramer's Action Alerts PLUS had a long position in WDC.