Bernstein Raises Sandisk Price Target to $1,250

Bernstein SocGen Group analyst Mark C. Newman raised the price target on SanDisk (NASDAQ: SNDK) to $1,250 (from $1,000) while maintaining an Outperform rating.

“How high can estimates and the stock go? Raising estimates and TP to $1,250, with blue-sky scenario at $3000; With the backdrop of accelerating NAND price hikes and worries around Turboquant and peak earnings, where to from here? SNDK reports FQ3’26 on April 30th .

We raise SNDK estimates again significantly on better than expected NAND prices. As explained in our recent MEMORY TRACKER (March), memory prices continue to surprise to the upside with NAND showing the strongest increases and continued acceleration.

We bump up our FY27 non-GAAP EPS to $144 and $224 in our base case and bull case respectively on stronger NAND ASP. Increasing TP to $1,250, with blue-sky scenario at $3,000. We think the market is significantly undervaluing earnings power and sustainability of this cycle.

Our base-case valuation applies 11x through-cycle earnings, defined as the average of FY26-29 Bern. base-case EPS of $114, and corresponds to 8.7x FY27 base-case EPS of $144, in-line with the current multiple on consensus and a level we view as conservative relative to historical peak-cycle multiples.

Our $1,250 TP is also just 5.5x our bull-case FY27 EPS of $224. Our blue-sky scenario applies 13x (similar to previous peak cycle multiples) on our bull case FY27 EPS to imply $3,000, highlighting significant asymmetric upside potential. We therefore, reiterate Outperform (top short-term pick).”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.