TD Cowen analyst Krish Sankar has maintained a Buy rating on Micron Technology (NASDAQ: MU) and raised the price target to $1600 from the previous $1500. This adjustment reflects a continued bullish outlook on the stock's future performance.

The decision to upgrade the price target comes as the firm evaluates Micron Technology's current market position and growth potential. The new target of $1600 represents an increase over the prior estimate of $1500.

Rating and Target Details

The following table outlines the revised rating and price target for Micron Technology:

Micron Technology continues to be viewed favorably by TD Cowen, as evidenced by the maintained Buy rating alongside the higher price objective.

The surge in demand for AI infrastructure has driven significant rallies in memory stocks, with Micron Technology Inc., Western Digital Corp., and SanDisk Corp. all posting substantial gains in 2026. While SanDisk has emerged as the top performer with the highest percentage increase, Micron presents a more attractive valuation based on key financial metrics. Investors are weighing the strong momentum of these stocks against their relative value as the sector continues to benefit from the AI boom.

SanDisk has been the standout performer, soaring over 600% year-to-date (YTD). This performance more than doubles the gains posted by Micron, which rose approximately 255%, and Western Digital, which climbed about 260%. The technical indicators confirm strong long-term uptrends for all three companies, with each stock trading comfortably above its 20-day, 50-day, and 200-day moving averages.

Technical analysis shows SanDisk's Relative Strength Index (RSI) sits near 64, suggesting bullish momentum without entering overbought territory. Micron's RSI is around 65, while Western Digital's is near 66, indicating healthy buying pressure across the sector. The moving average alignment remains bullish for all three, with the 20-day average above the 50-day, and the 50-day above the 200-day.

Despite posting one of the strongest rallies in the semiconductor sector, Micron trades at a forward price-to-earnings ratio of just 9.1. This is significantly lower than Western Digital's 33.8 and SanDisk's 29.6. Micron also carries the lowest trailing valuation metrics, with a trailing P/E of 23.7x, a price-to-sales ratio of 13.2x, and an enterprise value-to-EBITDA multiple of 17.0x.

Valuation Comparison

Western Digital trades at 38.5x trailing earnings and 29.0x EV/EBITDA, while SanDisk commands the richest valuation at 65.4x trailing earnings and nearly 52x EV/EBITDA. The valuation gap extends to growth-adjusted metrics, where Micron's PEG ratio of 0.31 is significantly below Western Digital's 0.57, suggesting investors are paying less for each unit of expected earnings growth.

Momentum vs. Value

The comparison presents investors with distinct strategies for playing the AI memory boom. SanDisk remains the market's momentum leader, backed by the strongest price action of the group. Western Digital has largely matched Micron's stock performance but trades at meaningfully higher valuation multiples. Micron offers a value proposition, continuing its technical uptrend while carrying the lowest forward earnings multiple among the three.