RBC Capital believes the market is not fully recognizing how Strategic Customer Agreements (SCAs) could change Micron Technology, Inc. (NASDAQ:MU)'s earnings profile. The brokerage reiterated an Outperform rating and a $1,500 price target on Micron on September 18. According to the brokerage, AI demand, memory-intensive agentic AI workloads, and constrained supply are creating a favorable setup for Micron. RBC noted that at roughly 6.5 times forward earnings, Micron stock is barely pricing in the value of the company's SCAs. The investment case for Micron is no longer based solely on strong memory pricing.
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