Sandisk (NASDAQ: SNDK) stock is gaining momentum on Friday, May 1, with multiple Wall Street firms significantly increasing their price targets in the wake of the company’s latest earnings report.
The revisions were mostly attributed to higher earnings estimates, long-term supply agreements, and a strengthening medium-term demand. Specifically, Sandisk posted revenue of $5.95 billion, well above the $4.73 billion consensus estimate, while earnings per share (EPS) came in at $23.41, topping $14.66 forecasts.
As expected, the strong results were accompanied by bullish guidance, with the company now expecting fourth-quarter revenue to come in at $8.1 billion, ahead of the $6.6 billion estimate. Similarly, the management is hoping for EPS of $31.5, significantly higher compared to expectations of $23.44.
Despite the unquestionably positive results, SNDK shares were down 4.2% in pre-market trading from the previous close at $1,096.51.
Analysts set Sandisk stock price target
Most notably, Susquehanna doubled its SNDK share price target from $1,000 to $2,000 while maintaining a ‘Positive’ stance due to increased revenue visibility.
Jefferies raised its target from $1,000 to $1,400, doubling down on its ‘Buy’ rating and expressing continued confidence in the company’s momentum. Moreover, the firm highlighted that Sandisk has secured five long-term customer agreements, some extending beyond 2030.
Meanwhile, Bernstein has raised its price target from $1,250 to $1,700 and maintains an ‘Outperform’ rating. The firm also lifted its earnings estimates and now expects fiscal 2026 EPS of $64.73 and fiscal 2027 EPS of $200.47, which are increases of 37% and 60% above consensus, respectively.
Further, Bank of America (BofA) increased its Sandisk price target from $1,080 to $1,550 and reiterated a ‘Buy’ rating on positive data center developments.
Is Sandisk stock a buy?
Wall Street is showing an overall bullish sentiment on Sandisk, with the latest analyses pointing to a ‘Strong Buy’ consensus backed by 13 ‘Buy’ recommendations out of a total of 16 ratings over the past three months.
According to the same analysts, the average 12-month SNDK price target stands at $1,325, implying a 20.84% upside from the last traded price, according to TipRanks data. The highest target sits at $2,000, while the lowest is down at $660.
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