TLDR
- SanDisk stock rose ~4% in Friday premarket after surging 13.67% on Thursday following its 2026 Investor Day
- The company outlined long-term targets including ~80% gross margins and ~50% adjusted free cash flow margins through fiscal 2030
- Analysts at Evercore ISI, Mizuho, Citi, and Barclays all reiterated Outperform or Buy ratings
- SanDisk’s High-Bandwidth Flash (HBF) technology is expected to begin shipping samples in 2027 and could rival HBM at a fraction of the cost
- The average 12-month price target sits at $2,181, implying ~43% upside from current levels
SanDisk (SNDK) was trading up 3.98% at $1,589.00 in Friday premarket, building on Thursday’s 13.67% surge that followed the company’s 2026 Investor Day.
At its Investor Day on August 13, SanDisk laid out a long-term financial model targeting mid-to-high-teens revenue growth through fiscal 2030. The company also set goals of approximately 80% gross margins, roughly 75% operating margins, and about 50% adjusted free cash flow margins.
SanDisk also said it plans to return 100% of excess cash to shareholders after reinvesting in the business. That commitment helped boost sentiment across the memory sector.
Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and a $2,800 price target. He highlighted the potential for higher margins, improved free cash flow, and capital returns.
Daryanani believes SanDisk can hold gross margins around 80% through the peak of the current semiconductor cycle, supported by NAND prices that have more than tripled over the past year. He estimates the company could generate as much as $35 billion in annual free cash flow in the early stages of the cycle, with buybacks potentially starting in 2027.
High-Bandwidth Flash Could Be a Game Changer
One of the more closely watched pieces of the presentation was SanDisk’s High-Bandwidth Flash technology. The company says HBF is designed to deliver HBM-class read bandwidth with approximately 16 times the capacity.
SanDisk expects to ship HBF samples in 2027, with potential revenue beginning in 2028. The company is already working with major players including Google on the technology.
Mizuho analyst Vijay Rakesh reiterated an Outperform rating and a $1,900 price target, focusing heavily on HBF. He estimates a 16-stack HBF configuration could offer HBM-like bandwidth at roughly one-eighth the cost, with 8 to 16 times the capacity at a similar price point.
Mizuho also expects NAND pricing to hold up better than consensus expects. While most analysts model 2027 average selling prices declining 15% to 20% year over year, Mizuho sees ASPs staying roughly flat to higher, citing demand from agentic AI, edge AI, and undersupplied consumer markets.
Analyst Ratings Line Up Behind the Stock
Citi’s Asiya Merchant reiterated a Buy rating with a $2,100 price target. Barclays’ Thomas O’Malley also reiterated a Buy with a $2,300 target.
Argus Research upgraded SNDK to Buy on August 10. RBC Capital kept a Sector Perform rating but raised its target to $1,300 on August 6. Wells Fargo held its Equal-Weight rating and adjusted its target to $1,400.
The average 12-month price target across analysts now sits at $2,181, which implies roughly 43% upside from current levels, according to TipRanks data.
SanDisk currently holds a Strong Buy consensus rating, backed by 14 buy recommendations and two holds over the past three months.
Technically, the stock trades 77.8% above its 200-day moving average and sits about 4% below the 50-day SMA of $1,659.43. A close above that level could shift the near-term trend.
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