SanDisk Stock Jumps 13.7% as Analysts See More Room to Run

TLDR

• SanDisk stock has climbed 541% in 2026, yet several Wall Street analysts still see room for further gains.
• Shares jumped 13.7% to $1,528.11 on Thursday after SanDisk outlined a strategy aimed at making NAND earnings less cyclical.
• SanDisk targets mid-to-high-teens revenue growth from fiscal 2028 to 2030, with adjusted gross margins near 80%.
• Eight long-term customer agreements carry $93.9 billion in contract value, covering about half of fiscal 2027 bit shipments and two-thirds of fiscal 2028 output.
• AI storage is becoming another growth driver, with SanDisk developing high-bandwidth flash for AI workloads and planning sample shipments next year.

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SanDisk (SNDK) stock has surged 541% in 2026, yet Wall Street analysts still see room for gains. Shares rose 13.7% to $1,528.11 on Thursday after the company presented a plan to reduce swings in NAND memory earnings.

Sandisk Corporation, SNDK

Management told investors it expects mid-to-high-teens revenue growth from fiscal 2028 through 2030. It also targets adjusted gross margins near 80% and operating margins around 75%.

SanDisk stock gains support from contract model

Evercore ISI analyst Amit Daryanani kept an Outperform rating and a $2,800 price target after SanDisk’s investor day. He focused on eight New Business Model agreements with $93.9 billion in contract value at floor pricing.

Those agreements run for as long as five years. They cover about half of fiscal 2027 bit shipments and roughly two-thirds of fiscal 2028 output, giving SanDisk more visibility on volumes and pricing.

JPMorgan analyst Harlan Sur has also said the new model could support stronger earnings and reduce swings in the memory industry. Analysts expect NAND prices to cool, but they see SanDisk keeping better margins during weaker periods.

AI storage adds another source of demand

SanDisk is also building high-bandwidth flash, known as HBF, for artificial intelligence workloads. The company expects to start shipping HBF samples next year as AI inference drives demand for faster storage near processors.

SanDisk and SK Hynix have released an open HBF standard, with Google taking part in the consortium. The company also expects data-centre SSD demand to support its longer-term growth plan.

SanDisk reported an adjusted gross margin of 84.6% last quarter, up from 26.4% a year earlier. Argus Research analyst Jim Kelleher recently upgraded the stock to Buy and set a $1,600 target.

Analysts still see risks after the 541% rally

Not every analyst expects the recent pace to continue. RBC Capital Markets analyst Srini Pajjuri said investors may keep valuing SanDisk like a traditional memory company until its contract model proves itself during a downturn.

Jefferies analyst Blayne Curtis cut his price target to $1,750 from $3,000 while keeping a Buy rating. He cited slower NAND pricing, lower gross-margin guidance and questions about near-term bit shipments.

Even after the sharp 2026 rally, Wall Street remains divided on valuation. Still, several analysts believe SanDisk’s contracts and AI storage plans could support earnings beyond the current NAND cycle.

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Source: https://blockonomi.com/sandisk-stock-jumps-13-7-as-analysts-see-more-room-to-run/