SanDisk shares rose more than 8% Wednesday. The stock reached new 52-week highs during the session. Wedbush analyst Matt Bryson raised his price target for the stock to $1,200. This revision follows strengthening NAND market trends that exceeded previous pricing expectations.
The rally occurred ahead of SanDisk’s fiscal third-quarter earnings report scheduled for Thursday after the market close. Sentiment across the storage sector improved following a strong earnings report from competitor Seagate Technology. Investors are anticipating continued revenue growth and margin expansion for the company.
Unusual options market activity indicates that investors expect significant price movement following the results. Traders are positioning for the announcement amidst high volatility and increased market optimism.