SanDisk (SNDK) stock jumped about 7% on Friday after the data storage device maker reported market-beating Q2 FY26 results and issued a solid outlook, driven by data center-led demand. Remarkably, SNDK stock has rallied about 143% year-to-date. Following the Q2 print, top Raymond James analyst Melissa Fairbanks upgraded SNDK stock to Buy from Hold with a price target of $725, calling the move “arguably one of the most delayed upgrades in history.”
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Raymond James Analyst Says Buy SanDisk Stock
Despite the stellar rally in SanDisk stock, Fairbanks expects further upside, driven by strong demand and higher pricing from an “unprecedented” data center and AI cycle. Fairbanks added that SanDisk’s demand is “exceptionally strong and likely only growing,” as supply tightens to the level where it could be sold out for the year.
Furthermore, the 5-star analyst expects limited new supply to come online in the near term, which should support continued strength in pricing. While Fairbanks has recently favored DRAM suppliers, she now sees a more sustainable, encouraging environment for NAND as well. Consequently, Fairbanks views SanDisk as a major beneficiary of a mix-shift toward longer-lived data center builds, with supply being prioritized away from faster-turn edge and consumer markets.
Morgan Stanley Boosts SNDK Stock Price Target
Additionally, Morgan Stanley analyst Joseph Moore boosted the price target for SanDisk stock to $690 from $483 and reiterated a Buy rating, saying, “This is the strongest upcycle we have seen in our 30 years covering the memory industry and SanDisk results tonight are yet another reminder of that.”
Moore noted that with SanDisk’s Q3 FY26 top-line outlook of more than 52% sequential growth, pricing has to be up 60% or more sequentially. The 5-star analyst contended that the 15% quarter-over-quarter growth in margins, which is much less than the 60% growth in the average selling price (ASP), indicates that the $13 EPS guidance (2.5x consensus) is conservative.
IS SNDK Stock a Buy, Sell, or Hold?
Overall, Wall Street has a Strong Buy consensus rating on SanDisk stock based on 12 Buys and four Holds. The average SNDK stock price target of $597.19 indicates 4% upside potential.
