Sandisk Corp is trading 5.8% up at $1,741.62, continuing a strong rebound that began earlier in the week after major investment banks significantly upgraded their outlooks on the stock.
- On June 8, Bank of America raised its price target on SNDK to $2,100 from $1,500, and Mizuho increased its target to $2,200 from $1,825, with both firms citing strong AI-driven demand and favorable supply/demand dynamics.
- These upgrades helped reverse a sharp, double-digit sell-off on Friday, June 5, which followed analysis highlighting the stock's premium valuation after a rapid year-to-date rally.
- The positive analyst sentiment is based on the company's successful pivot to a new business model of multi-year contracts for its NAND memory, which has increased revenue visibility and improved margins.