TD Cowen Micron · MU

TD Cowen Raises Micron Price Target to $275

November 19, 2025 Analyst: Krish Sankar 1 min read Reproduced verbatim
Rating
Buy
Target
$275
from $200 (+38%)
Outcome
Reached
on December 22, 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 $275 (from $200) while maintaining a Buy rating.

“The main pushback against being long Micron here is that this is a commodity business, valuation is at the high-end of its historical range, it’s a matter of time until customers start pre-ordering and pulling in demand, and CY26 bull-case EPS of $25-30 looks like peak earnings (> 2x prior record in 2018).

Our view is that MU stock has never peaked more than 6 months before Book Value growth Y/ Y peaks.

With strong pricing, we expect BVPS growth to accelerate from here through CQ1:27, more than 12 months out.

The one thing that can break this momentum is hyperscalers pushing back on pricing & reducing volume purchases – similar to CQ2:21 dynamics. We do not see that happening anytime soon.”

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 $914. 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 $275 target is 82% below the median, the lowest on the Street.

Since the note MU has moved +300% (from $229). 12-month window: day 336 of 365, closes on November 19, 2026.

Track record

This call✓ Target reached on December 22, 2025, 33 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, 2025 This noteTarget raised from $200 (+38%)Buy$275
  5. September 24, 2025Target 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

CantorBuy Kept rating and price target · Oct 20 $2,000maintained 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
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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.