Micron stock could rise 70% as TD Cowen analyst points to overlooked demand catalyst

Micron Technology shares have been stuck in a valuation rut, trading around $930 despite a business that’s growing at a pace most chipmakers would envy. TD Cowen analyst Krish Sankar thinks the disconnect is about to close, reiterating a Buy rating with a $1,600 price target that implies roughly 70% upside from current levels. The missing ingredient, according to Sankar, isn’t better margins. It’s investor confidence that the demand driving those margins will actually stick around. The numbers behind the bull case Micron is set to report fiscal Q4 2026 results on September 30, and the consensus estimates paint a picture of a company in full transformation mode. Wall Street expects adjusted earnings per share of around $31.14, up from $3.03 a year earlier. Revenue projections are equally striking. Analysts forecast approximately $50.42 billion for the period, representing a year-over-year increase of roughly 345%. The average Wall Street price target for Micron falls between $1,300 and $1,550, translating to a consensus Strong Buy rating. Sankar’s $1,600 target sits at the upper end of that range. Why margins aren’t the main event anymore Sankar’s note makes an important distinction...