Bernstein Société Générale significantly raised its price target for SanDisk to $580, up from $300. The firm maintained its "Outperform" rating and named SanDisk a top pick for 2026.
The firm cited "unprecedented NAND shortages and price increases" as the primary driver for the increase. This shortage is fueled by accelerating demand from AI workloads and new storage platforms, which require more memory per GPU. Bernstein believes a memory and storage "supercycle" is now underway.
In light of this bullish outlook, Bernstein increased its forecast for SanDisk’s fiscal second-quarter earnings per share (EPS) to $3.79. This figure surpasses the consensus estimate of $3.31. The firm also raised its gross margin projections for 2027.
The stock traded slightly down in early trading on the day of the announcement.