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Milpitas, California-based Sandisk Corporation (SNDK) develops, manufactures, and sells data storage devices and solutions using NAND flash technology. Valued at $190.7 billion by market cap, the company offers memory cards and readers, USB flash, micro-SD cards, and digital audio players.
Shares of this flash memory titan have remarkably outperformed the broader market over the past year. SNDK has rallied significantly over this time frame, while the broader S&P 500 Index ($SPX) has gained nearly 22.2%. In 2026, SNDK stock is up 501.4%, notably surpassing the SPX’s 13% rise on a YTD basis.
Zooming in further, SNDK’s outperformance looks less pronounced compared to the iShares U.S. Technology ETF (IYW). The exchange-traded fund has gained about 39.9% over the past year. Moreover, the stock’s triple-digit returns on a YTD basis outshine the ETF’s 27% gains over the same time frame.
SNDK has outperformed on sustained AI-driven demand and a tight NAND supply-demand backdrop that’s pushing prices higher. The main driver is AI infrastructure buildouts by hyperscalers and enterprises, which are lifting both shipment volumes and ASPs. This is reinforced by a product shift toward high-density QLC architectures designed for AI inference workloads, alongside SNDK’s position as a focused pure-play following its separation from Western Digital Corporation (WDC). Management expects favorable pricing to persist through 2026, supporting revenue, cash flow, and higher investment in value-add products. The data center business is another key engine, with strong growth from both volumes and pricing. SNDK is also improving earnings quality through New Business Models, including multiyear supply agreements that add visibility and stability. In Q3 alone, it signed three agreements with approximately $42 billion in minimum revenue commitments, extending up to five years, helping utilization and reducing cyclical risk.
For fiscal 2027, ending in June 2027, analysts expect SNDK’s EPS to grow significantly to $64.52 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 22 analysts covering SNDK stock, the consensus is a “Strong Buy.” That’s based on 18 “Strong Buy” ratings, one “Moderate Buy,” and three “Holds.”
This configuration is more bullish than a month ago, with 17 analysts suggesting a “Strong Buy.”
On Jul. 23, Susquehanna kept a “Positive” rating on SNDK and lowered the price target to $3,050, implying a potential upside of 113.6% from current levels.
The mean price target of $2,323.30 represents a 62.7% premium to SNDK’s current price levels. The Street-high price target of $3,169 suggests an ambitious upside potential of 122%.
