5-star analyst delivers stunning Micron stock price target

Micron Technology (MU) stock has been on fire over the past several months as Wall Street continues leaning deeper into the AI trade. Now, one of the market’s top-ranked chip analysts sees the stock going even higher.TD Cowen analyst Krish Sankar kept a Buy rating on Micron and bumped his price target to $660 from $550.That’s a massive 20% boost, coming at a point when investors rethink how valuable memory chips could be in the AI era.For perspective, TD Cowen’s senior chip stock analyst and managing director, Krish Sankar, isn’t just another random bullish voice on Micron.The 5-star analyst ranks among Wall Street’s elite, sitting at No. 18 out of more than 12,000 Wall Street analysts, with a 69% success rate and a stunning 52.1% average return. Micron’s story has evolved quickly.For years, memory was mostly treated as a brutal boom-and-bust business, where the high points were followed quickly by painful downturns. However, Micron stock has gained immensely of late on the back of the relentless AI-driven demand, with CEO Sanjay Mehrotra arguing that the company’s “memory and storage solutions are at the heart of this AI revolution.” He said in the Q2 2026 earnings call that,“AI hasn’t just increased demand for memory, it has fundamentally recast memory as a defining strategic asset in the AI era.” Sankar’s latest call underscores the possibility that this cycle might turn out differently. TD Cowen analyst Krish Sankar raises Micron price target to $660, keeping bullish Buy ratingHeather Ainsworth/Bloomberg via Getty Images Micron Technology stock returns vs the S&P 500Over the past week, Micron Technology gained 12.46%, while the S&P 500 rose 0.42%.For the past month, Micron Technology climbed 41.17%, compared with a 12.09% gain for the S&P 500.Across the past six months, Micron Technology surged 129.12%, while the S&P 500 added 3.83%.Year to date, Micron Technology advanced 76.69%, topping the S&P 500’s 4.28% return.Over the past year, Micron Technology soared 532.10%, compared with the S&P 500’s 29.20% gain.For the past three years, Micron Technology jumped 714.68%, while the S&P 500 rose 72.63%. Source: Seeking Alpha. TD Cowen sees durability in Micron’s rallySankar’s call is less about Micron’s next earnings beat and more about the durability of the current memory cycle.More AI:Micron sits at the center of a red-hot chip rallyIBM CEO sends blunt message on AI and quantum computingAnthropic CEO makes shocking admission about AIHe writes that the “next leg for the stock is more about durability than earnings upside,”.That durability is linked to long-term supply agreements.His checks show that some memory agreements come with tremendous gross margin protection, with 60% at the floor and the high-80% range at the ceiling.Historically, memory stock prices struggle when investors worry that peak margins have already been priced in.Consequently, Sankar upped his price target in a big way, which is roughly 6-times the memory giant’s calendar 2027 estimate.He notes that the stock is already trading at nearly 5 times calendar 2027 earnings, which he sees the market discounting a future margin reset toward that 60% floor after 2027.Moreover, he is sticking with his 2027 EPS estimate at $110, which is only marginally higher than the Street’s $106 view. In the near-term, TD Cowen sees healthier upside, projecting Micron to potentially beat its May-quarter EPS by 20%, at $23 versus $19, and August-quarter EPS by 18%, at $27 versus $23.Wall Street price targets for Micron Technology stockAccording to Wall Street’s consensus, Micron stock has an average price target of $551.40, implying roughly a 9% upside from current prices.Estimates range widely, with high targets reaching $1,000 and low-end forecasts near $249. Overall, the outlook points to relatively modest upside after a relentless rally, though there is significant divergence in expectations across the Street. TD Cowen bumped its price target on Micron Technology stock to $660 from $550 and maintained a Buy rating. DA Davidson initiated coverage of Micron Technology with a Buy rating and a $1,000 price target. Melius Research initiated coverage of Micron Technology with a Buy rating and a $700 price target. UBS raised its price target on Micron Technology to $535 from $510 and maintained a Buy rating. Citigroup lowered its price target on Micron Technology to $425 from $510 and maintained a Buy rating. JP Morgan raised its price target on Micron Technology to $550 from $350 and maintained an Overweight rating. Source: Benzinga. Memory stocks that have surged alongside MicronSanDisk (NAND/flash storage player) has been the clear standout, with a 3,006% one-year total return and a 62.8% move over the past month.Western Digital (data storage/HDD and flash player) has also posted tremendous gains, rising 860% over the past year and 213% over the past six months.Seagate Technology (hard-drive/data storage play) has jumped 613.8% over the past year and 52.35% over the past month. Source: Seeking Alpha. Related: Bank of America revamps Texas Instruments stock price target