Wells Fargo raised its price target on Sandisk (NASDAQ: SNDK) from $675 to $975 while maintaining an “Hold” rating on Monday, April 20, just as the semiconductor company joined the NASDAQ 100 index.
Analyst Aaron Rakers noted that while he is cautious about the current high price, he cannot ignore the demand for storage solutions. In addition, he argued that the shift toward artificial intelligence (AI) could keep the company’s factories running for years, given the popularity of its NAND flash and enterprise solid-state drives (SSD).
Looking ahead, Rakers has also increased earnings expectations for 2026 and 2027. However, the price target itself sits modestly above current trading levels (SNDK last closed at $920), suggesting limited near-term upside despite the stronger long-term earnings outlook.
Bank of American bullish on Sandisk
Bank of America (BofA) reiterated its “Buy” rating and raised the SNDK share price target from $900 to $1,080 on Friday, April 17, citing tighter-than-expected NAND supply conditions and sustained AI demand.
According to analyst Wamsi Mohan, this cycle may prove more durable thanks to structural changes in demand rather than purely cyclical dynamics. Sandisk’s exposure to cloud and data center customers has also increased meaningfully, with revenue from the segment rising from about 1% in early 2024 to roughly 15% by late 2026.
Looking ahead, Bank of America said it expects a “beat and raise quarter,” projecting that revenue and earnings will surpass company guidance and consensus estimates. At the same time, Mohan increased his NAND average selling price forecasts, reflecting continued momentum in pricing.
Is Sandisk stock a buy?
Analysts currently maintain a “Strong Buy” consensus on Sandisk, with the average 12-month price target sitting at $925.71, according to 14 forecasts tracked by TipRanks over the past 90 days.
While the most bullish forecasts go as high as $1,250, the average price target implies only a modest upside of 0.51% from current levels.
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