Evercore ISI increased its SanDisk (SNDK) price target to $3,100. This update raised the target from a previous $1,400. Goldman Sachs also boosted its price target to $2,200. These revisions reflect surging demand for NAND flash memory used in artificial intelligence workloads. Analysts also cited a new business model using multi-year customer agreements to stabilize earnings.
SanDisk shares fell over 12% on Monday, July 13th, during a broader semiconductor selloff. The stock maintains a year-to-date gain of more than 600%. Analysts suggest the market underappreciates the company's growth durability ahead of its August 5 earnings report.