Rosenblatt analyst Kevin Cassidy previews Micron's Sept 30 earnings. He sees three catalysts: additional strategic customer agreements (SCAs) with pricing floors, rising ASPs, and stock buybacks as restrictions lift in December. Cassidy expects SCAs to eventually cover 40% of bits. He models 10% sequential ASP growth for both DRAM and NAND this quarter, supporting an 86% gross margin. He calls MU cheap despite a 269% YTD gain and says a clear repurchase plan plus evidence that pricing holds as supply grows would be a catalyst.
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