TD Cowen Micron · MU

TD Cowen Reiterates Buy on Micron, $275 Price Target

December 11, 2025 Analyst: Krish Sankar 1 min read Reproduced verbatim
Rating
Buy
Unchanged
Target
$275
Outcome
Reached
on December 22, 2025
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What the analyst said

TD Cowen analyst Krish Sankar reiterated a Buy rating and $275 price target on Micron Technology (NASDAQ: MU).

“Expecting a Strong Beat as ASP’s & Margins Improve; We are raising our estimates ahead of next week’s earnings and expecting a strong beat to Street estimates.

And more importantly, comfortable with our well above-consensus forecast of $5.38 in EPS for the Feb Q. Commentary regarding sustainability of margins near-term would be viewed positively.

Non-HBM pricing visibility into C1Q/2Q26 and HBM4 quals remain key short-term drivers for the stock.

This is an important print for MU, as the stock has historically been most sensitive to missing buyside expectations when valuation is as high as it is today (~3x NTM BVPS).

Recall, when MU was trading at similar valuation levels in mid-24, the stock then entered a 10-month downturn: MU missed buyside expectations, there were concerns about HBM oversupply, and capital intensity comments around mid-30s% came as a negative surprise on the call.

Blackwell delays in early 2025 also did not help either.”

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

Since the note MU has moved +240% (from $264). 12-month window: day 313 of 365, closes on December 11, 2026.

Track record

This call✓ Target reached on December 22, 2025, 33 days after the note. Same target as this firm’s November 19, 2025 note, so it is scored there.

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, 2025 This noteKept the $275 targetBuy$275
  4. November 19, 2025Target 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

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.