And given Apple's new product launches -- like the iPhone 6, iWatch and potentially other categories -- Apple's current product cycle should bode well for Micron's long-term ability to enter the flash-transformed data center space.
With Micron due to report earnings Monday, investors on the sidelines should get in now. On the basis of long-term margins expansion and cash flow growth, Micron stock has upside toward $40.
As more synergies are realized from the Elpida deal, management will create more value. At that point, $45 per share is not out of the question.
At the time of publication, the author was long AAPL.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.