Bernstein SocGen Group has reaffirmed its Outperform rating on SanDisk (NASDAQ:SNDK) and assigned a $580.00 price target, implying upside relative to the current trading level of $497.62. The stock has posted an exceptional 1,207% total return over the past year and is trading just beneath its 52-week high of $509.50.
In its note, Bernstein described the market as being in an "unprecedented NAND upcycle," a dynamic the firm attributes largely to heightened demand from artificial intelligence applications. That view is consistent with data cited in market reports showing analysts expect 45% revenue growth for SanDisk in the current fiscal year, and with six analysts recently increasing their earnings estimates for the company.
Bernstein added that AI-driven demand has been "further accelerated by Nvidia’s recent disclosures around Vera Rubin," and that supply growth in the NAND flash memory segment remains constrained. The firm said these conditions support the case for additional upside to SanDisk's shares despite what it called already-high market expectations for memory manufacturers.
The research note also highlighted the sensitivity of market reaction to results in the current environment: memory companies that report clean earnings beats combined with above-consensus guidance can still trigger "significant double-digit next day stock moves."
Other brokerages have issued fresh views on SanDisk in recent days. Mizuho increased its price target to $600 from $410 while keeping an Outperform rating, citing pricing tailwinds in both the DRAM and NAND markets that it expects will support performance and margins through 2026. Benchmark raised its target to $450 from $260 and maintained a Buy rating, reflecting a 73% uplift in its target amid optimistic growth expectations.
RBC Capital opened coverage with a Sector Perform rating and a $400 price target, noting significant outperformance in 2025 and expressing expectations for sustained NAND demand through 2026. Mizuho also highlighted SanDisk's positioning for 2026, projecting a 70-100% rise in NAND pricing after a projected 37%+ increase in Q1 2026.
Finally, BofA Securities raised its price target to $390 from $300 and retained a Buy rating, following announcements at the Consumer Electronics Show related to chips aimed at improving AI workload performance.
Taken together, the research updates underline a market narrative where AI-driven demand and constrained supply in the NAND market are driving analyst revisions and differentiated price targets across the brokerage community.