Top Bernstein analyst Mark Newman raised his price target on SanDisk (SNDK) stock to a Street-high $1,250 from $1,000, implying about 50% upside from current levels. He also outlined a “blue-sky” scenario that could push the stock as high as $3,000, highlighting strong upside as the memory market improves.
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Trade SNDK with leverageThe main driver behind this optimism is NAND pricing. Prices have been rising faster than expected, with NAND leading the gains and showing signs of continued strength. This trend is prompting analysts to reassess how strong and long-lasting the current upcycle could be.
As a result, earnings estimates are climbing quickly. Bernstein now expects SanDisk to generate $144 in FY27 earnings per share in its base case, with a bull-case estimate of $224. Those numbers point to a level of earnings power that the market may not be fully pricing in yet.
$1,250… or Even $3,000?
The valuation is where the call becomes even more striking. The Street-high target is based on a relatively conservative view of future earnings, using about 5.5x the firm’s bull-case FY27 estimate. This suggests there could still be meaningful upside if current trends continue.
Looking further ahead, the analyst also outlines a more optimistic scenario, where a higher valuation could unlock significantly more upside. In simple terms, if the strong cycle holds, the stock’s potential could be much greater than what the market currently reflects.
Still, not everyone is convinced. Some investors worry that earnings may be near their peak and that memory prices may not stay this high for long. The big question is whether this strong cycle can last, especially given the sharp ups and downs the memory market has seen in the past.
That’s why SanDisk’s Fiscal Q3 2026 results on April 30 will be closely watched. The update should give a better sense of pricing trends and demand and help investors judge whether this bullish view can hold.
What Is the Price Target for SanDisk?
Wall Street analysts currently rate SNDK stock a Moderate Buy, with 11 Buys and three Holds issued over the past three months. SanDisk’s average price target of $771.54 implies a modest downside of 6.48% from current levels.
