TLDR
- SanDisk stock opened at $1,600 Friday, up 480% year-to-date and the best-performing S&P 500 stock over the past year
- Bernstein analyst Mark Newman reiterated a $3,000 price target, implying roughly 87% upside from current levels
- Q4 FY2026 revenue came in at $8.96 billion, up 372% year-over-year, with EPS of $38.82 beating estimates of $33.28
- SanDisk’s long-term financial model (FY2028-2030) projects mid-to-high teen revenue growth, 80% gross margins, and 75% operating margins
- 13 of 15 analysts who recently updated their ratings reiterated “Buy,” with an overall “Strong Buy” consensus from 24 analysts
SanDisk (SNDK) stock opened Friday’s session at $1,600, continuing one of the most eye-catching runs in the market this year. The stock is up 480% year-to-date and has surged 3,397% over the past 12 months, making it the top performer in the S&P 500.
For context, Micron (MU), another memory stock, is up 660% over the same period. SanDisk is lapping the competition.
The driver is no mystery. Data centers are consuming memory at a pace that keeps surprising to the upside, and SanDisk is one of the key suppliers feeding that demand.
Blowout Earnings Fuel the Rally
SanDisk’s fiscal Q4 2026 results, covering the quarter ending July 3, were hard to argue with. Revenue hit $8.96 billion, a 372% jump from a year ago. Net income came in at $6.9 billion, compared to a loss of $23 million in the same quarter last year.
EPS of $38.82 cleared the analyst consensus of $33.28 by a wide margin.
The data center segment was the standout. Revenue there reached $2.97 billion, up 103% sequentially. Edge revenue, covering chips used in smartphones and PCs, also posted strong year-over-year growth.
For Q1 FY2027, the company guided revenue of $10.3 billion to $10.8 billion, with gross margins expected between 83% and 84.9%.
Despite the stock’s run, valuation hasn’t stretched into uncomfortable territory. SanDisk’s forward P/E sits at just 7.6x, well below the broader market’s 21x. That’s kept analyst conviction high.
Bernstein and Wall Street Line Up Behind $3,000 Target
Bernstein’s Mark Newman has a $3,000 price target on SNDK, which would represent about 87% upside from current levels. A $1,000 investment at today’s price would become roughly $1,870 if that target is hit.
Cantor Fitzgerald’s C.J. Muse is close behind with a $2,900 target, implying about 87% upside as well.
Of the 15 analysts who issued updates following SanDisk’s long-term financial model reveal on August 13, 13 reiterated “Buy.” The other two hold “Hold” ratings. The broader consensus from 24 analysts tracked by Barchart sits at “Strong Buy.”
That long-term model, covering FY2028 through FY2030, projects mid-to-high teen revenue growth, adjusted gross margins of around 80%, and adjusted operating margins of 75%. The company also pledged to return 100% of excess cash to shareholders after reinvesting in the business.
CFO Luis Visoso said the company is “optimizing for growth, sustainability and returns,” and pointed to multi-year agreements with customers as the foundation for that confidence.
The stock did hit a yearly high of $2,354 in June before pulling back to under $990 in July. Traders who stepped in at that low have already made roughly 60% in under a month.
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