TLDR
- Sandisk joined the Nasdaq 100 on Monday but fell 1.6% to $906.48 in premarket trading
- The dip follows a 12% rally last Monday when the index inclusion was announced
- Broader market pressure from U.S.-Iran tensions also weighed on the stock
- Atlassian (TEAM) is being removed from the Nasdaq 100 to make room for Sandisk
- Wells Fargo raised its price target on SNDK to $975 from $675, maintaining an Equal Weight rating
Sandisk joined the Nasdaq 100 on Monday, but the stock slipped rather than celebrated.
SNDK fell 1.6% to $906.48 in premarket trading, even as the index inclusion marked a major milestone for the flash memory supplier.
This kind of move isn’t unusual. Stocks often rally ahead of a high-profile index addition, then pull back on the actual day. Sandisk was no exception — it jumped 12% the previous Monday when Nasdaq first announced it would be joining the benchmark.
The broader market wasn’t helping either. Futures tracking the S&P 500 were down 0.4% after a weekend flare-up in U.S.-Iran tensions raised fears that their cease-fire could fracture.
That combination — a classic “buy the rumor, sell the news” setup, plus macro jitters — was enough to push SNDK lower before the opening bell.
A Year to Remember
Sandisk’s longer-term run is hard to ignore. The stock has climbed 2,990% over the past year, powered by the boom in data center construction driving up demand for memory products.
That kind of move puts Monday’s premarket dip in context. A 1.6% slip after a nearly 3,000% gain is, in the grand scheme of things, a footnote.
Atlassian (TEAM) is the one making way for Sandisk’s entry into the index. Its stock slipped 1.4% in premarket trading ahead of the opening bell, as index funds that track the Nasdaq 100 rebalance accordingly.
Wells Fargo Raises Price Target
On the same day as the index entry, Wells Fargo analyst Aaron Rakers raised his price target on SNDK to $975, up from $675. The firm kept its Equal Weight rating.
The note had a candid tone. “We’ve clearly missed SNDK,” the firm said, acknowledging the stock’s massive run.
Wells Fargo meaningfully increased its 2026 EPS estimate and its 2027 EPS estimate to $125 and $150, respectively.
Still, the firm stopped short of turning more bullish. It noted that the consensus valuation sits at roughly 6 to 7 times price-to-earnings on peak EPS, which it sees as limiting further upside.
That means Wells Fargo is chasing the stock higher on paper, but not yet willing to recommend buying it outright.
The new $975 price target sits above Monday’s premarket price of $906.48, suggesting some room to run — though the Equal Weight rating signals the firm isn’t pounding the table.
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