TLDR
- SanDisk stock rose over 5% in premarket trading Monday, extending a five-day streak that saw the stock gain 35%
- The rally was sparked by SanDisk’s August 13 Investor Day, where management projected mid-to-high-teen annual revenue growth through fiscal 2030
- JPMorgan resumed coverage with an Overweight rating and a $2,250 price target; Goldman Sachs and Mizuho reaffirmed Buy ratings
- Commerce Secretary Howard Lutnick urged Apple not to buy memory chips from China, lifting U.S. memory stocks broadly
- The average analyst price target on SNDK is $2,210, with 81% of analysts rating it a Buy
SanDisk stock was trading up more than 5% to around $1,725 in premarket trading on Monday, building on a five-day run that added 35% to its price. Despite the strong move, the stock is still more than 25% below its record closing high of $2,335, set on June 25.
The winning streak traces back to SanDisk’s “In Focus” Investor Day on August 13. Management laid out a long-term financial model projecting mid-to-high-teen annual revenue growth, non-GAAP gross margins of around 80%, and adjusted free cash flow margins of roughly 50% for fiscal years 2028 through 2030. Those targets came in well above what Wall Street had been expecting.
CEO David Goeckeler said the company’s “strong performance today is the direct result of disciplined execution against the strategy we outlined 18 months ago.” CFO Luis Visoso said the company is “optimizing for growth, sustainability and returns.” SanDisk also committed to returning 100% of excess cash to shareholders once fully funded.
Analyst Upgrades Add Momentum
JPMorgan resumed coverage on August 14 with an Overweight rating and a $2,250 price target. Analyst Harlan Sur said SanDisk was “uniquely positioned” to capture growing demand for NAND flash memory driven by AI inference growth.
Cantor Fitzgerald’s CJ Muse publicly defended a $2,900 price target on CNBC. Goldman Sachs and Mizuho each reaffirmed Buy ratings. The average price target across analysts now sits at $2,210, implying around 35% upside from Friday’s close. 81% of analysts covering the stock rate it a Buy, the highest ratio since SanDisk was spun off from Western Digital last year.
Wedbush analyst Matt Bryson kept his Outperform rating and $2,000 target, though he said he “retains some skepticism” around several Investor Day points, noting he believes “memory will again prove to be cyclical.” He did acknowledge that Wedbush’s estimates likely understate SanDisk’s 2028 earnings power.
A Q2 13F filing revealed that the Situational Awareness hedge fund held SanDisk as its largest position at 28.52% of its $20.2 billion portfolio. That stake had grown 118.87% from the prior quarter.
Memory Sector Moves Together
Monday’s premarket gains weren’t limited to SanDisk. Western Digital, Seagate, Micron, SK Hynix, and Silicon Motion all moved higher before the open.
Part of that broader move came from comments by Commerce Secretary Howard Lutnick, who urged Apple to stop buying memory chips from China. Lutnick said the message had been delivered to Apple “plainly,” according to the Wall Street Journal.
SanDisk’s 52-week low sits at $43.20. The stock hit a 52-week high of $2,354.39 in June before pulling back. It is now trading well above that low but still below the June peak.
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