What is stunning to me about this is how many of these analysts have raised their estimates--in many cases to over $10--yet their PT remains in the 50s, even the low 50s at times. To repeat what has been said many times already--they are the Rodney Dangerfield of the semiconductor world. What might change that?!

It’s still a cycle, most seem to agree, but it’s a cycle that’s they believe is different from all others, as Mehrotra indicated.

margin execution continues to be impressive, which we attribute to both cyclical and structural factors.

“We see the duration (longer) and nature (content-driven) of this cycle is set to be the best memory cycle in semiconductor history,” writes Mosesmann.