The company you may know for making camera memory cards and flash drives is surging — and because of products that are key to the artificial intelligence buildout. Sandisk ‘s flash memory hardware offers data storage that’s an increasingly popular choice for AI companies looking to expand data center infrastructure. After the stock’s monster rally, the question is whether there’s more room to run. Shares have soared more than 860% since Sandisk was spun out from Western Digital in February. The stock is down slightly in Wednesday trading after surging more than 27% a day prior, which marked its second-best session on record. Shares finished Tuesday’s session at a record closing high and are already up more than 46% in 2026. “This is unprecedented,” said Benchmark analyst Mark Miller. “It is an unparalleled event.” SNDK ALL mountain Sandisk stock Investors have poured dollars into Sandisk as the outlook for the AI storage sector has become progressively bright, Miller said. He pointed to reports that Samsung and SK Hynix are sharply raising server prices tied to dynamic random-access memory, or DRAM, and Micron ‘s strong guidance for gross margins in the current quarter as as two drivers for this excitement. Broadly speaking, he also noted that spending on AI data center-related projects is slated to grow 15% from 2025 to 2026, which bodes well for names like Sandisk. But Wall Street isn’t entirely on the same page. While the average analyst polled by LSEG has a buy rating, the typical price target suggests shares can pull back roughly 20%. Miller said it can be tough for big money to set a valuation on the stock given the fast-evolving growth story. The analyst said non-GAAP 2027 earnings consensus estimates for Sandisk and peers could be around 50% too low given expected demand. He said this group should see “massive” free cash flows over at least the next year. “It’s up a lot, but the numbers are just going through the roof,” Miller said. Nvidia CEO Jensen Huang’s comments at the Consumer Electronics Show in Las Vegas this week about using a dedicated storage tier is positive indicator for Sandisk’s NAND technology, according to Bank of America analyst Wamsi Mohan. The analyst on Tuesday hiked his price target to a Wall Street-high of $390, which suggests shares can rise another 11.5%. “This elevates NAND to a more prominent tier in AI workloads/performance and allows for significant performance improvements,” Mohan wrote to clients in a note reiterating his buy rating. Sandisk should grow in line with industry demand in a range of between the mid-teens and low-20s for the 2026 calendar year, Mohan predicted. He also shared estimates for a quarter-over-quarter pricing increase on NAND of between 20% and 30% for the fourth quarter, followed by another hike in the next three-month period. Mohan described demand as “strong” and NAND pricing “robust.” But he said the company has a roadblock that can cap upside: capacity is “constrained.”
