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A TD Cowen analyst argued that Micron Technology shares could climb as much as 70% from current levels, citing a valuation gap that has persisted despite improving fundamentals in the memory chip market. The analyst pointed to a previously absent catalyst that could finally close the gap between Micron's stock price and its underlying earnings potential. The bullish call comes amid broader investor focus on memory and storage chipmakers as AI-driven demand reshapes the semiconductor sector. Micron's valuation has lagged peers even as memory pricing and AI infrastructure spending have strengthened, prompting some analysts to argue the stock is undervalued relative to its growth trajectory.