Morgan Stanley Raises Sandisk Price Target to $96

Morgan Stanley analyst Joseph Moore raised the price target on SanDisk (NASDAQ: SNDK) to $96 (from $70) while maintaining an Overweight rating.

“We elevate SanDisk to Top Pick and raise our price target to $96 as our prior bull case becomes our new base case. Recent strength in eSSD has caused a shift in the NAND market, as multiple hyperscalers have recently placed very large orders, 10s of exabytes, for NAND eSSDs.

That’s more than enough to move the needle in the context of a market expected to be about 250-300EBs in total for all of calendar 2025. And while it is difficult to tell exactly what that kind of demand uplift will do for NAND pricing between now and year end, the rate of change vs prior investor expectations for flat to down pricing in Q4 should be sizeable.

With recent reports ( here ) that SanDisk is already looking to raise prices 10% in channel and consumer markets, that view looks to be playing out, giving us incremental confidence in our above-consensus numbers for 2026 and in a higher multiple for the stock as AI begins to impact the narrative.

SanDisk still needs to improve its position in eSSD, but we are optimistic that the BICs 8 transition may serve as a catalyst for their market share.”

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