TD Cowen Keeps Buy on Micron, Sets $1,600 Target for 63% Upside

TD Cowen reiterates a Buy on Micron (MU) with a $1,600 price target, implying about 63% upside from the current price as supply constraints persist and demand for DRAM/HBM/NAND remains strong, aided by Supply Constrainment Agreements that boost revenue visibility. The AI-memory boom and tight DRAM markets underpin potential pricing gains, while Micron’s Q3 revenue reached $41.46B with Q4 guidance near $50B, alongside a long-term US investment plan of $250B through 2035 to expand domestic DRAM capacity.