Why does the OrRstatement for "y" does not work?

Private Sub Worksheet_Change(ByVal Target As Excel.Range)

If Target.Column = 3 Then

If (Target.Text = "Y" Or "y") Then

Target.Offset(0, 1).FormulaR1C1 = Now()
Target.Offset(0, 2).Interior.ColorIndex = 5
Target.Offset(0, 3).Interior.ColorIndex = 4

End If
End If

End Sub