TD Cowen analyst Krish Sankar has upgraded his outlook on Micron Technology (MU), raising the price target to $1,500 from $660, which implies a 53% upside from Friday's closing price. The bank maintains a buy rating on the semiconductor firm, citing robust demand for dynamic random access memory (DRAM) that continues to outpace supply. This demand surge is primarily driven by the widening adoption of artificial intelligence technologies. Analyst Sankar argues that while historical DRAM cycles suggest stocks peak 3–8 months before server pricing peaks—expected around C3Q26—the role of memory in AI is structural rather than cyclical. Increased demand from central processing units (CPUs) has further bolstered buyer expectations, suggesting that memory pricing strength could persist into the second half of the year, potentially boosting Micron's shares. The analyst highlights High Bandwidth Memory as a game-changing technology due to its high capital expenditure intensity, noting it costs three times more to manufacture. TD Cowen's bullish stance aligns with the broader market consensus, as LSEG data shows that 44 out of 47 analysts covering Micron hold a buy or strong buy rating. Shares have already appreciated significantly, rising 244% year-to-date.