SanDisk (SNDK) stock has rallied about 322% year-to-date, as the flash memory solution provider is experiencing solid demand amid the rapid growth in artificial intelligence (AI) data centers. It is also benefiting from high memory pricing as supply remains tight. Ahead of SanDisk’s Q3 FY26 (March quarter) earnings on April 30, top Morgan Stanley analyst Joseph Moore reiterated a Buy rating on SNDK stock and boosted the price target to $1,100 from $690, citing continued strength in pricing.
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Two ETFs for long or short leverage on SNDKAside from Moore, Cantor Fitzgerald analyst C.J. Muse also raised his price target for SanDisk stock to $1,400 from $1,000. Muse expects the company to deliver a solid beat-and-raise on strong demand, tight supply, and pricing strength.
Meanwhile, Wall Street expects SanDisk to report EPS (earnings per share) of $14.54, reflecting a significant improvement from a loss of $0.30 in the prior-year quarter. Revenue is projected to surge more than 175% year-over-year to $4.70 billion.
Top Morgan Stanley Analyst Expects Continued Pricing Momentum
Moore noted that pricing momentum in NAND remains strong heading into the June quarter, a trend he doesn’t expect to change anytime soon, as demand from hyperscalers continues to rise and increasingly affects NAND supply in other areas. The 5-star analyst added that current third-party projections indicate an increase of around 90% in NAND ASPs (average selling prices) in the March quarter and 70% to 75% in Q2 2026, with some relative outperformance in client SSDs, which is a segment in which SanDisk is stronger than peers.
Furthermore, Moore significantly raised his EPS estimates. Specifically, his EPS estimates for calendar year Q2 2026, calendar year 2026, and 2027 are now 37%, 65%, and 38% above consensus, respectively. While high expectations for the March quarter earnings make the near-term stock reaction difficult to predict, Moore thinks that SanDisk’s peak-cycle free cash flow (FCF) is still underappreciated.
Moore expects SanDisk to deliver another strong quarter and issue solid guidance. That said, he believes that both product and process mix continue to be the most difficult to forecast. The analyst thinks that the company’s guidance of a 60% sequential rise in pricing with slightly lower volumes seems “reasonable,” though industry trends suggest potential upside. Overall, Moore sees close to 65% quarter-over-quarter growth in pricing, leading to an EPS of about $14.72.
While Moore expects SanDisk to deliver “very strong results,” he believes that the stock is more driven by longer-term durability and may take time to move higher after a 60% surge over the last month. Overall, the analyst remains bullish on SNDK stock and sees the cash flow from the multi-year long-term agreements as vital evidence. Interestingly, SanDisk stock jumped 8% today on bullish Wall Street reviews. Notably, Melius Research analyst Ben Reitzes initiated coverage of SanDisk stock with a price target of $1,350, citing a strong memory cycle.
Is SNDK a Good Stock to Invest in?
Heading into Q3 FY26 earnings, Wall Street has a Strong Buy consensus rating on SanDisk stock based on 12 Buys and three Holds. The average SNDK stock price target of $1,008 indicates that shares are fully priced at current levels.
