TLDR
- SanDisk stock fell ~5% in pre-market Monday, dragged down by a sector-wide selloff linked to SK Hynix’s sharp drop in Seoul
- Goldman Sachs raised its price target on SNDK from $1,200 to $2,200, reiterating a Buy rating
- Evercore ISI bumped its target to $3,100 from $1,400, citing $62 billion in minimum committed revenue from new supply agreements
- Citi held its $2,500 target, pointing to strong supply/demand fundamentals driven by AI data center demand
- Despite a 16% drop in July, SNDK is still up more than 700% in 2026
SanDisk stock was sliding again Monday morning, falling around 5% in pre-market trading. The drop came as part of a broader memory sector selloff triggered by SK Hynix, which posted its biggest single-day decline in nearly two decades on the Seoul exchange.
The SK Hynix fallout was two-pronged. Profit-taking followed the company’s high-profile Nasdaq debut last Friday, and a Korean brokerage report projected its Q2 operating profit would miss consensus by around 8%. That was enough to drag memory names lower across the board, with Micron and Western Digital also falling sharply in pre-market.
Geopolitical noise added to the pressure. Renewed US-Iran military strikes near the Strait of Hormuz rattled risk appetite overnight, with Iran claiming the waterway was closed. Oil prices jumped and Nasdaq futures weakened, amplifying selling in high-beta growth stocks like SNDK.
The stock touched a session low of $1,773 before stabilizing. It had already slumped 16% in July to around $1,915, after tumbling 29% in the first four trading days of the month alone.
Analysts Still Bullish Despite the Slide
Wall Street isn’t flinching. Goldman Sachs raised its price target to $2,200 from $1,200 on Monday while keeping its Buy rating. Analyst James Schneider’s 2026 adjusted EPS estimate runs about 30% above Wall Street consensus, and the firm expects a “very strong” fiscal Q4 2026 report due in August.
Evercore ISI went further. Analyst Amit Daryanani lifted his target to $3,100 from $1,400, saying investors are “underappreciating the durability” of SanDisk’s earnings and free cash flow. He pointed to roughly $62 billion in minimum committed revenue from new long-term supply agreements, calling it a “structural shift” in earnings visibility. Daryanani even puts upside potential at $4,000.
Citi held firm at a $2,500 target, reiterating a 90-day upside view on SNDK alongside Seagate and Western Digital. The bank said it holds “the most conviction on storage names” due to favorable supply and demand dynamics underpinned by AI-led data center demand for both NAND and HDD storage.
What’s Holding the Bull Case Together
The supply-demand imbalance in NAND memory is the core of the bull case, and analysts say it’s not going away. Evercore’s Daryanani sees pricing power persisting through 2027.
Despite investor jitters, 79% of analysts covering SNDK rate it a Buy — the highest percentage since the company was spun off from Western Digital in February 2025.
SNDK had posted a three-day winning streak of 18% heading into Monday’s drop, suggesting buyers have been stepping in on weakness.
The next major catalyst is the August earnings report, followed quickly by an investor day, where SanDisk will have a chance to address the skeptics directly.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
