TD Cowen Raises Micron Price Target to $450

TD Cowen analyst Krish Sankar raised the price target on Micron Technology (NASDAQ: MU) to $450.00 (from $300.00) while maintaining a Buy rating.

“Shortages worsening, not improving. We see further upside to MU’s CY26 earnings power though we are not changing estimates as it is still too early.

As DRAM/NAND prices increase & pressure CapEx budgets, we think this favors multi-year LTAs, though timing and terms remain TBD. We raise MU’s PT to $450.

Risk remains on CSPs pushing back on price increases (no signs of that happening anytime soon).

MU stock Y/Y has not peaked more than 3-6 months ahead of the server ASP Y/Y peak (outside 2021 when checks in mid-2021 suggested weakness).

We think 2H:C26 server ASPs may peak at 200% Y/Y and stabilize there, which makes us think near-term momentum remains supportive despite the strong stock move recently.

We still think that MU may continue to outperform semicaps near-term (AMAT/LRCX up 30/35% last 1-month vs 45% for MU) as cleanroom constraints cap near-term upside.

We think the trade might flip in favor of semicaps in 2H:C26. MU’s recent deal with PSMC is a recent example why we expect to see further upside revisions for semicaps in CY27.”

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