TD Cowen more than doubled its price target on Micron Technology to $1,500 from $660, maintaining a Buy rating on a stock that has already surged 224% year-to-date. That is not a typo. The new target represents a 127% increase over the previous one, which itself was raised just weeks ago.
The catalyst is straightforward: Micron’s entire high-bandwidth memory production for calendar year 2026 is sold out under binding contracts. In English: every chip Micron can make in the HBM category already has a buyer locked in, and those buyers are building AI infrastructure.
The HBM gold rush
Micron has positioned itself at the center of this supply chain. The company’s HBM4 products are now in production, delivering what the company describes as enhanced performance and power efficiency over previous generations. When your entire annual output is pre-sold under binding agreements, you have pricing power. And pricing power translates directly into the fat margins that make analysts reach for bigger numbers.
TD Cowen had already signaled growing confidence in Micron earlier this year. On April 28, the firm raised its target from $550 to $660. That upgrade aged quickly. The jump to $1,500 just weeks later suggests Micron’s earnings trajectory is accelerating faster than even bullish forecasters anticipated.
