TLDR
- SanDisk (SNDK) stock is up 596% year-to-date and roughly 4,000% over the past year
- Wedbush raised its price target from $1,200 to $2,000, maintaining an Outperform rating
- Bank of America lifted its target to $2,500 from $2,100, citing NAND supply shortages giving SanDisk pricing power
- Bernstein went furthest, raising its target to $3,000 from $1,700, pointing to growing long-term agreements in the memory industry
- Jim Cramer called the Wedbush upgrade a “catch-up play,” suggesting the new target may still be too low
SanDisk (SNDK) has been one of the market’s most talked-about stories this year, and Wall Street analysts are still scrambling to keep up with the stock’s relentless climb.
The stock is up 596% year-to-date and has surged roughly 4,000% over the past year — numbers that are hard to ignore no matter how seasoned you are.
Three major analyst upgrades have landed in quick succession, all pointing to the same driver: tight NAND flash supply meeting surging data center demand.
Wedbush moved first among the trio, lifting its price target from $1,200 to $2,000 while keeping an Outperform rating. The firm updated its estimates ahead of SanDisk’s fiscal fourth-quarter 2026 earnings report.
Jim Cramer didn’t mince words on Mad Money. “That’s a monumental increase in estimate,” he said. “And it’s probably still too low.”
Cramer’s take was blunt — when traders see a target jump that large, they don’t deliberate. They buy. He called the Wedbush move a “catch-up play,” implying the analyst had been slow to reflect what the market already knew.
Analysts Pile In
Bank of America raised its target to $2,500 from $2,100 on July 1st, maintaining a Buy rating. BofA’s argument was straightforward: SanDisk should be able to hold pricing power for longer than expected, given the ongoing shortage in the NAND storage market.
Bernstein went the furthest. On June 30th, it raised its target to $3,000 from $1,700 — a jump of $1,300 in a single revision — while keeping an Outperform rating. Bernstein pointed to a growing trend of long-term supply agreements in the memory industry, which it believes will benefit suppliers like SanDisk directly.
Three separate firms. Three bullish calls. All within a two-week window.
The Supply Story
Cramer tied it together on Mad Money, noting that SanDisk wasn’t alone in its rally. Micron, Seagate, Lumentum, Corning, and Western Digital all moved to the top of the S&P 500 leaderboard on the same session.
“These are all companies that make products where there’s intense demand right now, mostly from the data center, and there’s not enough supply,” Cramer said.
He also had some fun at the analyst’s expense: “Where was that guy? Was he like hiking in the Andes for a while? Come on, wake up.”
The clarion call, as Cramer framed it, was simple — more price increases are coming for data storage products, and the market is pricing that in.
SNDK stock was up 5.01% in the most recent session, with Bernstein’s $3,000 target now representing the highest on Wall Street.
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