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, saying the company's earnings are picking up as a result of lower manufacturing costs and an increase in DRAM prices.

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Current estimates for Micron's fourth quarter are too low, analyst Auguste Richard wrote in a research note. Richard expects the company to lose 12 cents a share on sales of $920 million in the fourth quarter, while on average, analysts are calling for a loss of 25 cents a share on revenue of $867 million.

For the full year 2004, Richard expects forecasts to move upward as well, with the possibility that Micron could break even in the first quarter. The analyst raised his rating on Micron to strong buy from buy with a $22.50 price target.

Richard also believes Micron's costs are lower than analysts' estimates in the current quarter. Additionally, he sees higher prices in October and November for DRAM, which would help Micron.

Shares of Micron were adding 11 cents in morning trading to $13.33.