SanDisk has delivered one of the most stunning financial performances in recent memory, and Wall Street analysts believe the stock has room to run even further.
The company posted fiscal third-quarter revenue of $5.95 billion, a figure that represents 3.5 times the revenue generated during the same period a year ago.
That result blew past the Wall Street consensus estimate of $4.7 billion by a substantial margin, prompting analysts to describe the quarter as having “obliterated” expectations.
Non-GAAP earnings per share came in at $23.41, well ahead of the $14.36 analyst estimate and a dramatic reversal from the modest loss recorded in the year-ago quarter.
Management followed the record results with an equally aggressive outlook, guiding for fourth-quarter revenue between $7.75 billion and $8.25 billion.
The company also projected fourth-quarter non-GAAP EPS of between $30 and $33, signaling that momentum is expected to accelerate rather than slow heading into the back half of fiscal 2026.
Of 21 analysts covering the stock, 18 rate it a “Strong Buy,” one calls it a “Moderate Buy,” and two have assigned it a “Hold” rating.
The average analyst price target implies a gain of roughly 58.5% from recent levels, with a 12-month target price of $3,250 per share.
Bernstein analyst Mark Newman raised his price target on SanDisk from $1,700 to $3,000 on June 30, while maintaining an “Outperform” rating on the stock.
Citigroup had already moved its own price target to $2,500 on June 25, reflecting a broad pattern of major Wall Street institutions sharply upgrading their expectations for the memory chipmaker.
A significant part of the bullish case rests on five multiyear supply agreements SanDisk has signed this fiscal year, with three inked during the most recent quarter alone carrying a minimum combined value of $42 billion.
Analysts have noted that upfront financial commitments in long-term agreements provide meaningful downside protection and differ structurally from previous take-or-pay arrangements seen elsewhere in the industry.
Growing awareness that artificial intelligence infrastructure demands far more high-speed storage than initially anticipated has made NAND flash memory an increasingly critical component of data center buildouts.
AI model training, inference workloads, and enterprise applications all require enormous quantities of fast storage, positioning SanDisk as a direct beneficiary of accelerating AI capital expenditure.
As of the close on June 29, SanDisk shares traded at $2,050.39, reflecting a year-to-date gain of 781% and making it the best-performing stock in the S&P 500 for 2026.
Since spinning off from Western Digital and beginning independent trading in February 2025, the stock has surged approximately 3,900%, cementing one of the most remarkable debuts in recent market history.
