Shares of Western Digital (WDC) are higher on the day, up 1.3% so far Friday. But it's been anything but an easy week.

Despite Friday's rally, shares are down about 14% since last Friday's close. Investors can view the analysis by Morgan Stanley's Katy Huberty as one catalyst for the decline, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.

Earlier in the week, he pointed out Huberty's "very well-reasoned" and "quite rigorous" research on the stock. She basically said that flash prices could be headed lower. If she reiterates that view again on CNBC Friday, shares of Western Digital could come under further pressure.

What's wrong with flash? Flash prices could come under pressure in 2018 as increased supply changes the pricing dynamic. When it comes to these markets, the supply/demand principles are in full effect. Limited supply combined with elevated demand keeps pricing strong. But when companies increase supply to boost sales by meeting this strong demand, too much can be produced. This weakens pricing power and hurts margins.

With this outlook, it's not surprising to see Micron (MU) stock, which has been red-hot, come under pressure as well. Shares have fallen from $50 to almost $40 at its low over the last five trading sessions. So why hasn't Huberty targeted Micron in her research?

The answer was simple, at least to Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. Micron has its DRAM storage business, which remains robust.

Investors shouldn't blame Huberty for the stock's fall either, Cramer said. While she's been negative about the stock, it's not coming from a malicious place. She's simply interpreting the data that's in front of her, he concluded of one the most respected analysts he follows.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.

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