Everspin Technologies: Positioned for Growth in LEO Market with Strong STT Revenue Prospects and Favorable MRAM DevelopmentsWe are transferring coverage to Buy Rating. Last week, MRAM reported a beat with an in line guide. Our key takeaways include: 1) Continued traction in the low Earth orbit (LEO) market, which we believe represents the company's largest growth opportunity. We model STT revenue growing +25% Navy issued a MRAM RFI in September, seeking industry input to support a U.S-based production-scale back-end-of-line 300mm wafer production capability for MRAM. We view the company as well positioned to win due to its superior MRAM technology, which could provide notable upside to our current estimates; 3) Given the recent government shutdown, we are taking a more conservative view on IP licensing revenue going forward.