SanDisk (SNDK) Stock Rises After Micron’s Strong NAND Results

TLDR

• SanDisk stock rose more than 1% Thursday premarket as memory pricing and AI storage demand stayed strong.
• Micron’s quarterly results showed NAND revenue up 42% sequentially, with prices rising about 30%.
• Citi reiterated a Buy rating on SanDisk with a $2,100 price target after Micron’s report.
• SanDisk shares have climbed over 600% year to date and more than 1,300% over the past 12 months.
• SanDisk reports earnings on Oct. 29, with analysts expecting EPS of $43.12 and revenue of $10.47 billion.

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SanDisk (NASDAQ:SNDK) stock climbed more than 1% in Thursday premarket trading. Shares were up 1.36% at $1,763.61 as investors kept betting on firmer memory pricing and AI-driven storage demand.

Sandisk Corporation, SNDK

The move followed closed trading Wednesday where SanDisk shares finished at $1,751.35, up 0.66%. Nasdaq futures were up 0.37% and S&P 500 futures gained 0.11% early Thursday.

SanDisk has been one of the strongest performers in the semiconductor space this year. The stock has gained more than 600% year to date and over 1,300% in the past 12 months.

Micron’s Earnings Keep The Memory Trade Alive

The latest boost came from Micron Technology (NASDAQ:MU). Micron beat quarterly earnings and revenue estimates and gave stronger-than-expected guidance for the current quarter.

Micron reported a 42% sequential jump in NAND revenue. Prices rose around 30%, well above the 20% consensus estimate analysts had penciled in.

Micron’s management said its NAND supply growth will trail the broader industry’s supply growth in 2026. That detail matters because tighter supply tends to support pricing across the sector, including for SanDisk.

Citi responded by reiterating its Buy rating on SanDisk and keeping a $2,100 price target. The firm pointed to AI datacenter demand, specifically the practice of offloading KV cache data to solid-state drives, as a factor backing SanDisk’s business.

Citi also flagged that industry-wide NAND bit shipments are projected to grow in the mid-20% range in 2027 and 2028. The firm expects the industry to stay supply constrained through both years.

What Analysts Are Watching Next

Wedbush analyst Matt Bryson said his pricing checks still show increases, though the pace has started to slow. He views late 2027 and 2028 as a bigger risk window, when new industry capacity could start adding supply.

That timeline is relevant for SanDisk because its rally has largely been built on expectations that favorable NAND pricing and AI storage demand will hold up. For now, tight supply and heavy data-center spending are still supportive.

SanDisk’s addition to the S&P 100 has also helped. It increased the stock’s exposure to index-linked funds, adding another source of buying demand.

A few ETFs carry real weight in SanDisk. The Invesco S&P 500 Pure Growth ETF holds an 8.38% weighting, and the First Trust US Equity Opportunities ETF holds 8.82%. The Schwab US Small-Cap ETF holds 5.15%.

Flows in or out of those funds can move SanDisk’s stock independent of company news. That’s worth watching given how large those positions are relative to typical trading volume.

SanDisk’s next earnings report is confirmed for Oct. 29, 2026. Wall Street expects EPS of $43.12, up sharply from $1.22 a year earlier, on revenue of $10.47 billion versus $2.31 billion previously.

The stock trades at a price-to-earnings ratio of about 23.6x. SanDisk holds a Buy consensus rating, with an average price target of $2,291.07 across 39 analysts, ranging from $1,550 to $3,050.

Rosenblatt initiated coverage with a Buy rating and a $2,400 target on Sept. 22. Mizuho kept an Outperform rating but trimmed its target to $1,875 on Aug. 25. RBC Capital kept a Sector Perform rating and raised its target to $1,600 on Aug. 14.