TD Cowen Micron · MU

TD Cowen Raises Micron Price Target to $200

September 24, 2025 Analyst: Krish Sankar 1 min read Reproduced verbatim
Rating
Buy
Target
$200
from $180 (+11%)
Outcome
Reached
on October 16, 2025
TD Cowen and Micron logos

What the analyst said

TD Cowen analyst Krish Sankar raised the price target on Micron Technology (NASDAQ: MU) to $200 (from $180) while maintaining a Buy rating.

“The fear is that this strong beat is similar to that of Apr-2021, right around when the stock peaked in the 2021 upcycle.

The unprecedented cloud mix for MU (~65% of DRAM revs) along with PC/smartphone growth still in front of us suggests that this is not Apr’21. We feel more confident in MU stock following this print.

PT to $200.

The bears will point to CapEx, which is expected to reach $18B in FY26 (net gov’t $) up from $14B in FY25 (+28% Y/Y). Historically, the stock has been sensitive to CapEx numbers.

For instance, when a semicap supplier talked about strength in memory equipment bookings in late Jan-2024, MU stock corrected by 10% within the two weeks after, only to continue marching higher after that (+50% in 2months).

So, we wouldn’t overthink the high CapEx number here.”

Disclaimer
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

MU trades at $896. The 27 analysts who set a target in the last 3 months range from $1,200 to $3,000, with a median of $1,540. This $200 target is 87% below the median, the lowest on the Street.

Since the note MU has moved +438% (from $166). The 12-month window closed on September 24, 2026.

Track record

This call✓ Target reached on October 16, 2025, 22 days after the note.

Firm track recordTD Cowen: 86% of its 22 targets at least a year old were reached within 12 months (#11 of 28 firms); on Micron, 4 of 4. Accuracy ranking →

TD Cowen on Micron

TD Cowen price targets on Micron

8 calls from March 17, 2025 to January 20, 2026. The target went from $125 to $450 (+260%). The rating stayed Buy.

TD Cowen targetMU share price
  1. January 20, 2026Target raised from $300 (+50%)Buy$450
  2. December 18, 2025Target raised from $275 (+9%)Buy$300
  3. December 11, 2025Kept the $275 targetBuy$275
  4. November 19, 2025Target raised from $200 (+38%)Buy$275
  5. September 24, 2025 This noteTarget raised from $180 (+11%)Buy$200
  6. September 19, 2025Target raised from $150 (+20%)Buy$180
  7. August 12, 2025Target raised from $125 (+20%)Buy$150
  8. March 17, 2025Earliest call shownBuy$125
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Other analysts on Micron

DA DavidsonBuy Raised price target +43%, kept rating · Oct 7 $3,000from $2,100 BairdBuy Kept rating and price target · Oct 2 $1,520maintained CLSABuy Kept rating and price target · Oct 2 $1,700maintained Freedom BrokerBuy Kept rating and price target · Oct 1 $1,600maintained BernsteinBuy Kept rating and price target · Oct 1 $1,300maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.