Analysts at Deutsche Bank provided their outlook on Micron Technology, Inc. (NASDAQ:MU) ahead of the company’s Q2 earnings report, expecting it to post mostly in-line results and upside to Q3 guidance.

Several macro events in recent weeks have led to more uncertainties on both the supply and demand sides. While key semiconductor/semicap equipment companies suggest there is minimal concern regarding availability of key raw materials, there are increasing uncertainties related to the sustainability of demand in smartphone/PC driven by rising inventories and increased macro volatility. In addition, IC supply shortages and higher logistics costs remain headwinds.

While the analysts acknowledge the increasing uncertainties, with the company’s shares pulling back around 15% year-to-date despite an improving pricing outlook, they believe the risk-reward is favorable, and they maintain their Buy rating.