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.

Millennials' Inheritance Not Guaranteed: Boomer Parents Overspending

Oracle Plunges: What Wall Street's Saying

Biotech Stock Mailbag: Zafgen, Bluebird, MannKind

American Apparel: Is It Fit for a Buyer?

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.

If you liked this article you might like

Stocks Claw Back From Session Lows as Markets Digest North Korea Threat

North Korea Threat Resurfaces to Drag Stock Futures Lower

7 Essential Rules for Investing in Tech Stocks

Wall Street Deflates in Pullback After Fed Excitement, No Records for Dow