Key Takeaways
- SNDK reached an all-time high of $807.99 during Wednesday’s session, climbing almost 10%
- Bernstein upgraded its price objective to a market-leading $1,250 from the previous $1,000 target
- Analyst Mark Newman presented an optimistic projection placing SNDK at $3,000
- Shares have climbed approximately 2,000% during the last twelve months amid rising NAND flash prices and artificial intelligence infrastructure needs
- Newman’s Q4 earnings projection of $25.30 per share significantly exceeds the $18.78 Wall Street consensus
SanDisk has emerged as a dominant market performer throughout 2026. Following Wednesday’s nearly 10% surge that propelled shares to an unprecedented peak of $807.99, SNDK maintained stability around the $800 threshold during Thursday’s pre-market session.
The rally materialized as Bernstein’s Mark Newman elevated his price objective on the memory chip manufacturer to an industry-leading $1,250 from $1,000, while maintaining an Outperform rating and designating it his preferred near-term investment opportunity.
Newman’s optimistic stance stems from strengthening NAND flash memory pricing dynamics. His analysis projects SanDisk will deliver adjusted earnings per share of $14.18 for its fiscal third quarter concluding in March, modestly surpassing both the $13.99 analyst consensus and the company’s guidance bandwidth of $12–$14.
His fourth-quarter forecast presents a more compelling narrative. Newman anticipates Q4 EPS will reach $25.30 — substantially exceeding the Street’s $18.78 estimate — powered by an expected 40% quarter-over-quarter rise in average selling prices.
Shares have now skyrocketed roughly 2,000% throughout the previous year, propelled by escalating NAND prices and robust demand from artificial intelligence data centers. Despite this remarkable appreciation, Newman contends Wall Street continues undervaluing the company’s profit-generating capacity.
He highlights that SNDK presently commands just 9x consensus forward earnings, beneath the 10–13x band observed during previous industry upcycles. Measured against the Philadelphia Semiconductor Index on a price-to-earnings basis, it trades at 0.5x compared to its historical 0.8–1.0x range.
Bernstein’s Optimistic Projection: $3,000 Target
Under a more bullish framework, should NAND pricing climb 75% across each of the subsequent two quarters — compared to the 55% and 40% embedded in Bernstein’s baseline scenario — Newman envisions June-quarter EPS achieving $40.53, resulting in full-year fiscal 2027 EPS of $224.
This scenario supports an optimistic valuation of $3,000, utilizing a 13x earnings multiple aligned with SanDisk’s historical peak-cycle valuation range. That figure represents approximately 280% appreciation potential from present trading levels.
The baseline projection of $1,250 employs an 11x multiple applied to average earnings spanning fiscal years 2026–2029, which Newman calculates at $114 per share.
Artificial Intelligence Requirements and Supply Positioning
SanDisk’s enterprise solid-state drives serve critical functions within AI infrastructure deployments, and company executives have indicated product allocation extending well through 2026. This positioning provides the firm with significant pricing leverage, even amid rising input expenses.
Morgan Stanley recently designated SNDK among its preferred selections for the year’s second half, citing 61% revenue expansion and identifying the beginning of an extended AI infrastructure demand trajectory.
Shares experienced an approximately 19% correction earlier this year following Google’s TurboQuant announcement, a memory-compression technology that initially concerned NAND investors. Newman countered this sentiment, clarifying the innovation addresses high-bandwidth memory utilized in AI inference applications and maintains minimal influence on NAND’s primary storage applications.
Newman maintains that NAND pricing only began appreciating substantially six to seven months prior, and the sector continues facing structural supply constraints.
Aggregate Wall Street sentiment registers at Moderate Buy, comprising 11 Buy recommendations and 3 Hold ratings issued over the preceding three months. The average analyst price target of $771.54 positions slightly beneath current trading levels.
SanDisk is scheduled to announce fiscal Q3 financial results on April 30.
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