TLDR
- SanDisk stock rose over 6.7%, hitting a new all-time high of $1,861 on Wednesday
- Morgan Stanley reiterated its Overweight rating and raised its price target from $1,100 to $1,750
- Barclays also upgraded SNDK to Overweight, adding to the bullish analyst sentiment
- CounterPoint Research published a bullish report on the NAND memory market for AI applications
- SanDisk’s year-to-date price performance stands at an eye-watering 623%
SanDisk (SNDK) stock surged over 6.7% on Wednesday, reaching a new all-time high of $1,861. The move came as two major Wall Street banks turned more bullish on the stock and new research pointed to strong demand in the NAND memory market.
The stock hit a session high of $1,861 and a low of $1,708.88 during the day. By midday, it was up around 5.1%, while the S&P 500 was down 0.6% and the Nasdaq Composite was off 0.3%.
SanDisk has been one of the standout performers of 2026. Its year-to-date gain now stands at 623%, a run that has pushed its market cap to around $271 billion.
Morgan Stanley and Barclays Both Turn Bullish
Before the market opened Wednesday, Morgan Stanley reaffirmed its Overweight rating on SNDK. The bank also raised its price target sharply, from $1,100 per share to $1,750. It cited strong demand conditions in the memory market as the main reason for the increase.
By the time trading was underway, SanDisk’s stock had already blown past that new target.
Barclays added to the momentum with its own upgrade to Overweight. Two major banks turning bullish on the same day added fuel to what was already a fast-moving stock.
Options activity also picked up. Traders were actively hedging, and implied volatility rose, suggesting the market was bracing for continued big moves in either direction.
CounterPoint Research Flags Strong NAND Outlook
The day before, CounterPoint Research published a report on the NAND memory market and its role in AI applications. The firm placed Samsung first and SK Hynix second in the category.
SanDisk was listed among a small group of companies competing for the third spot. It’s not leading the pack, but CounterPoint’s broader point was that the overall market is growing fast enough that even the third-place players could see meaningful gains.
That framing gave investors another reason to be optimistic about SanDisk’s position heading into the second half of 2026.
The NAND memory market has become a key focus for investors as AI workloads demand more storage and faster read speeds. SanDisk has been repositioning itself as a credible player in that space.
SNDK’s average daily trading volume sits at around 15.9 million, and Wednesday’s volume came in at 536,800 by midday — lower than average, but the price action spoke for itself.
The stock’s 52-week range is $37.33 to $1,861, the upper end of which was set during Wednesday’s session.
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