Sandisk stock has been in a bit of slump lately, but analysts are still in love with the memory storage play, perhaps even more so than ever.
The shares, which have slumped 16% to $1,915 in July through Friday, got a new $3,100 price target from Evercore ISI analyst Amit Daryanani in a note Sunday, up from $1,400. He said investors were “underappreciating the durability” of Sandisk’s earnings and free cash flow over the next few years, and its further pricing power as the supply and demand imbalance persists through 2027.
Investors were still underappreciating Sandisk Monday as the stock sank nearly 13% to $1,673.97—making it one of the worst performers in the S&P 500. It’s up more than 600% in 2026, though.
Despite the bad monthly performance so far, the shares were actually on a three-day winning streak heading into Monday, rising 18% over that period. That’s after the stock tumbled 29% in the first four trading days of the month.
The volatility isn’t perturbing Wall Street. Evercore’s Daryanani even gives the stock an upside potential of $4,000—more than doubling from current levels. He said new long-term supply agreements provide a “structural shift in Sandisk’s earnings visibility,” despite investors’ skepticism.
Citi analysts also came out in support of Sandisk, sticking to their $2,500 price target in a note Monday. “We hold the most conviction on storage names for very favorable S/D (supply and demand) fundamentals underpinned by durable AI-led data center demand for both NAND and HDD storage,” they said.
They reiterated a 90-day upside short-term view on Sandisk, as well as Seagate Technology and Western Digital.
Investors have been unsure whether the rally can keep going recently but 79% of analysts covering the shares rate them Buy—that’s never been higher since the company was spun off from Western Digital in February 2025.
We’ll probably find out who’s right early next month when the company reports earnings, quickly followed by its investor day.