Micron (MU) Seen Benefiting From Prolonged Memory Cycle, TD Cowen Says

Group 1 - Micron Technology, Inc. (NASDAQ:MU) is experiencing strong support from cycle strength, shortages, and pricing upside, leading TD Cowen to raise its price target from $300.00 to $450.00 while maintaining a "Buy" rating [1] - Memory shortages are worsening, which is expected to enhance MU's earnings power for calendar 2026, despite unchanged estimates [2] - Server average selling prices (ASPs) are anticipated to peak at 200% year-over-year in the second half of 2026, indicating continued momentum for MU [3] Group 2 - Micron is likely to outperform semiconductor stocks in the near term, although a potential shift in favor of semiconductor capital equipment (semicaps) is expected in the second half of 2026 [3][4] - Recent cleanroom constraints are limiting near-term upside for MU, but the company's recent deal with PSMC suggests further upside revisions for semicaps in calendar year 2027 [4] - Micron develops and sells memory and storage products for various industries, including data centers and mobile devices [4]