After managing a steady 477.51% year-to-date (YTD) stock market rise from $275.24 to $1,589.55, SanDisk (NASDAQ: SNDK) received another vote of confidence in its continued success from Barclays’ Thomas O’Malley.
Specifically, the Wall Street analyst dropped his previous ‘Equal Weight’ – ‘Hold’ – SNDK rating on May 26 and swapped it for an ‘Overweight’ – ‘Buy’ – ranking. Additionally, O’Malley raised his previous $1,200 12-month price target – which was effectively forecasting a 24.51% decline – for a $2,300 forecast: a 44.70% rally.
The analyst from Barclays estimated that memory and storage represent one of the most attractive verticals available in 2026, while assessing that various memory shortages will persist into 2027.
Notably, UBS’ Timothy Arcuri cited similar memory-related undersupply as a major reason in his highly optimistic Micron (NASDAQ: MU) stock note on May 26 that led to a rally greater than 20%.
Wall Street sets SanDisk stock price for the next 12 months
Elsewhere, SanDisk shares have been among the absolute top performers of the last 12 months, considering they rallied a remarkable 4,000% after the company was spun off from another technology giant, Western Digital (NASDAQ: WDC) – which is itself up nearly 1,000% in the last 52 weeks.
Both the magnitude and the speed of the SNDK stock rally are well reflected in Wall Street’s consensus recommendation and price target for the equity. Indeed, despite being generally viewed as a ‘Strong Buy,’ SanDisk is, on average, expected to drop 0.25% to $1,585.63, per the figures Finbold retrieved from TipRanks on May 27.
The discrepancy can be explained by the rapidity of the rise since the consensus is reached by using the sum of notes issued within a three-month period.
The three revisions issued in the second half of May – after SNDK shares crossed above $1,500 and briefly fell toward $1,300 – all forecast a rise above $2,000 in the next 12 months for a minimum predicted rally of 27%.
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