SanDisk (SNDK) Stock Jumps 5% as Bernstein Sets Street-High $1,250 Target

TLDR

• SanDisk (SNDK) stock rose 5.2% on Thursday to $821.68
• Bernstein analyst Mark Newman raised his price target to a Street-high $1,250, up from $1,000
• Newman also outlined a “blue-sky” bull case that could push the stock to $3,000
• Cantor Fitzgerald raised its target to $1,000 from $800, maintaining an Overweight rating
• SNDK has surged 2,567% over the past 12 months, far outpacing the S&P 500’s 29% gain

SanDisk stock climbed 5.2% on Thursday to $821.68, adding to a run that has already left most of the market in the dust. The latest push came after Bernstein analyst Mark Newman raised his price target to $1,250 — the highest on Wall Street — up from $1,000.

Sandisk Corporation, SNDK

That target implies roughly 60% upside from Wednesday’s closing price of $780.90. Newman rates the stock Outperform.

Newman’s confidence comes down to one thing: memory demand. He argues the market is undervaluing how much SanDisk can earn, and how long the current upcycle can last.

“We think the market is significantly undervaluing earnings power and sustainability of this cycle,” he wrote.

He also laid out a more optimistic “blue-sky” scenario that puts the stock at $3,000. That figure is based on a higher valuation multiple applied to strong bull-case earnings estimates.

Bernstein now expects SanDisk to generate $144 per share in FY27 earnings in its base case, with a bull-case estimate of $224.

Analysts Push Higher Targets

Cantor Fitzgerald analyst C.J. Muse also lifted his price target on Thursday, moving to $1,000 from $800 while keeping an Overweight rating.

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Muse pointed to strong demand and a supply/demand imbalance he expects to last until at least mid-2028. “Demand remains robust, and we see the supply/demand imbalance extending into likely mid-CY28 earliest,” he said.

NAND pricing is a key driver behind both upgrades. Prices have been rising faster than expected, and analysts are now reassessing just how durable this cycle could be.

UBS has previously reported that DDR memory prices rose an average of 95% in Q1 from the prior quarter, while NAND flash prices rose 80%.

Addressing the TurboQuant Scare

Memory stocks took a hit last month after Alphabet introduced its TurboQuant compression algorithm. Google researchers said the tool reduced key value memory size in AI models by at least six times, which rattled investors.

Newman pushed back on that reaction, calling the fears “overdone.” He cited Jevons paradox — the idea that cheaper, more efficient compute tends to increase overall demand, not reduce it.

SanDisk has now surged 2,567% over the past 12 months. For context, Micron Technology (MU) is up 473% in the same period. The S&P 500 is up 29%.

Wall Street currently rates SNDK a Moderate Buy, with 11 Buy ratings and 3 Holds issued over the past three months. The average price target of $771.54 sits slightly below current levels.

All eyes will be on SanDisk’s fiscal Q3 2026 earnings on April 30, which should give investors a clearer read on pricing trends and demand.