Micron Technology (NASDAQ: in) got another bullish endorsement from Wall Street, as TD Cowen reiterated its “buy” rating and maintained its $1,600 price target on the memory chip giant.
The target indicates a 63% upside from Micron’s press-time value of $979.
Company analyst Krish Sankar reiterated confidence in the company’s long-term growth outlook, citing continued demand for memory products and supply constraints that are expected to continue beyond 2027.
TD Cowen’s bullish stance comes after investor meetings with Micron CEO Sanjay Mehrotra and CFO Mark Murphy.
The company highlighted strong industry fundamentals, noting that physical production constraints continue to limit supply while demand remains strong across key end markets.
A key component of the company’s thesis focuses on supply chain agreements (SCA), which provide customers guaranteed access to memory products while giving Micron greater revenue visibility.
TD Coin estimates that approximately 50% of Micron’s total revenue could eventually be covered by such agreements, helping the company secure long-term price stability and improve profitability.
The analyst also noted continued tightness in the DRAM market, with recent industry scans suggesting average selling prices could rise more than 15% during the current quarter.
Demand for high-bandwidth memory (HBM), DRAM, and NAND products remains high as AI infrastructure spending continues to accelerate.
Wall Street is bullish on MU stock price
The broader analyst community remains overwhelmingly positive on the stock. According to consensus estimates from 30 Wall Street analysts TipRanksMicron carries a Strong Buy rating, with 29 Buy recommendations, 1 Hold rating, and no Sell ratings.
The average 12-month price target is around $1,564, with the highest target at $2,200 and the lowest at $1,100.
Overall, Micron has emerged as one of the biggest beneficiaries of the AI-driven memory boom. The stock has posted extraordinary gains over the past year, rising from double-digit levels to trade near $1,000, though shares have seen increased volatility in recent weeks amid broader declines in the semiconductor sector.
Micron stock basics
The company’s latest developments financial The results reinforced the bullish narrative. For Q3 2026, Micron reported revenue of $41.46 billion, representing a 346% increase year over year, while adjusted EPS was $25.11, comfortably beating analysts’ expectations.
Management also issued fourth-quarter revenue guidance of approximately $50 billion, indicating continued momentum across its business.
Beyond strong near-term demand, Micron is also expanding its manufacturing footprint. The company recently increased its long-term investment commitment in the US to $250 billion through 2035 as it seeks to expand domestic DRAM production capacity and capitalize on growing demand for AI-related memory solutions.
