Evercore ISI has raised its SanDisk (NASDAQ: SNDK) stock price target to $3,100 while maintaining an ‘Outperform’ rating on the memory storage company.
The new target implies approximately 61% upside from the stock’s press-time price of $1,915.
The updated SNDK price target comes as Evercore analyst Amit Daryanani sees improved earnings visibility following the company’s recently signed long-term New Business Model (NBM) agreements.
According to the firm, these agreements represent a structural shift in SanDisk’s business and reduce uncertainty around future earnings.
Evercore said investors may be underestimating the durability of SanDisk’s earnings per share (EPS) and free cash flow over the next several years.
Daryanani also expects the company to benefit from continued pricing power as supply-demand conditions remain favorable through fiscal 2026 and fiscal 2027.
The firm estimates that SanDisk’s recently signed agreements represent more than $62 billion in minimum committed revenue over the coming years.
The deals also include more than $11 billion in financial guarantees and prepayments, providing greater revenue visibility.
SanDisk earning estimates
At the same time, Evercore projects SanDisk could generate approximately $212.78 in EPS for fiscal 2027, above the Wall Street consensus estimate of $203.33.
The analyst believes a growing share of future earnings will be supported by long-term agreements tied to AI-driven demand rather than traditional commodity memory cycles.
Beyond its official target, Evercore outlined a bullish scenario in which SanDisk could earn more than $300 per share in fiscal 2027 EPS. Under that assumption, the firm’s valuation framework suggests the stock could reach $4,000 per share.
The analyst argued that the company’s earnings profile has become less cyclical as committed revenue agreements account for a larger share of future business.
This shift could support higher valuation multiples and strengthen investor confidence in long-term cash flow generation.
Wall Street remains bullish on SNDK stock
The latest revision adds to an already positive outlook for the stock. According to TipRanks data, SanDisk carries a ‘Strong Buy’ consensus rating based on 16 analyst reviews. The average 12-month price target stands at $2,041.88, while the highest target on Wall Street is $3,250.
Overall, SanDisk shares have attracted growing attention as demand for AI infrastructure and advanced memory solutions continues to support expectations for stronger earnings and improved revenue visibility.
