SanDisk (SNDK), the data storage company, slipped in Tuesday’s trading after surging nearly 12% in the previous session on strong AI-driven demand. The recent rally was supported by its upcoming inclusion in the Nasdaq-100 (NDX), with the company set to replace Atlassian (TEAM) before the market opens on April 20—a move expected to drive fresh institutional buying.
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Trade SNDK with leverageAt the same time, Wall Street remains firmly bullish. Citigroup raised its price target to $980 from $875, while Evercore initiated coverage with a Buy rating and a $1,200 price target, reflecting continued confidence in the stock’s growth story.
Wall Street Remains Upbeat About SanDisk
Wall Street is becoming increasingly bullish on SanDisk, with analysts raising their expectations even after the stock’s sharp run. Notably, SNDK stock has gained 2,740% over the past year and 300% year-to-date.
Leading that optimism, top Evercore analyst Amit Daryanani said SanDisk is well placed in one of the most attractive parts of the AI infrastructure space—data storage—where demand is rising fast and supply is expected to remain tight for years. The 5-star analyst pointed to improving pricing, stronger margins, and growing demand from cloud and data center customers as key drivers. Over time, Evercore expects SanDisk to report stronger earnings as the market better recognizes its role in AI.
Adding to the positive sentiment, another top analyst, Asiya Merchant of Citigroup, said that demand for storage remains strong while supply stays tight, which is helping support higher prices. Merchant also noted that rising AI use is driving a surge in data creation, increasing the need for memory.
Is SNDK a Good Stock to Buy?
Wall Street analysts currently rate SNDK stock a Strong Buy, with 12 Buys and three Holds issued over the past three months. After the recent rally, the shares are now trading above SanDisk’s average price target of $842.3, implying a downside of 12% from current levels.
