It is rare to see a stock run this hard and still get even more bullish calls from Wall Street.
That is what is happening with SanDisk right now.
The stock has already surged more than 2,000% over the past year, yet analysts are still raising targets as NAND pricing tightens and AI-driven data-center demand keeps climbing. Bernstein’s Mark Newman now has a street-high $1,250 target, while Cantor Fitzgerald has moved to $1,000. That is why SanDisk is becoming one of the most closely watched semiconductor names heading into earnings.
Why Wall Street Is Getting More Bullish
Company: SanDisk (SYM: SNDK)
NAND memory maker riding one of the strongest pricing cycles in tech.
The bull case starts with pricing.
Bernstein raised its target to $1,250 from $1,000 and argued the market is still underestimating SanDisk’s earnings power as NAND prices keep rising. Barron’s reported that Bernstein’s base case assumes more moderate pricing gains and still supports that target, while a much more aggressive “blue-sky” scenario could push the stock far higher. Cantor Fitzgerald also raised its target to $1,000 after stronger-than-expected NAND trends.
That is not just analyst enthusiasm.
It reflects a market that is suddenly realizing memory is not a side story in AI infrastructure. It is a core input. As data-center workloads expand, NAND demand moves with them. The more storage-heavy the AI buildout becomes, the more important SanDisk’s earnings power looks.
The Recent Numbers Already Back the Story
SanDisk’s latest quarter was strong enough to give the bulls real ammunition.
For fiscal second quarter 2026, the company reported $3.03 billion in revenue, up 31% sequentially and above guidance. GAAP diluted EPS came in at $5.15, while non-GAAP diluted EPS was $6.20. Management also said gross margin improved to 51.1%, up sharply from the prior quarter, and free cash flow reached $843 million.
Those numbers matter because this is no longer just a “maybe pricing gets better” story.
Pricing already got better.
Now the market wants to know whether the move has more room left. That is why the next report matters so much. Investors are no longer debating whether the cycle turned. They are debating how long it can stay this strong.
What Earnings Need to Prove
SanDisk’s next report is expected around April 30, and expectations are running hot.
Recent earnings-calendar summaries show management guided fiscal third-quarter revenue to $4.4 billion to $4.8 billion, with gross margin of 65% to 67% and EPS of $12 to $14. That is a massive step up from the just-reported quarter, and it shows how quickly the market now expects NAND pricing and operating leverage to flow through the business.
That means the stock does not just need a beat.
It needs confirmation.
Investors will be watching three things closely: whether data-center demand stays strong enough to support pricing, whether margins keep expanding at the current pace, and whether management sounds confident that the supply-demand imbalance can persist well into 2028, as some bullish analysts now believe. If SanDisk gives the market that reassurance, the rally can keep going. If it does not, a stock that has already gone parabolic can still correct hard.
That is the real setup heading into earnings.
SanDisk is no longer a hidden story. It is one of the most aggressive AI-memory trades in the market. The stock traded around $851.92 on April 9 after another sharp move higher, which means expectations are no longer modest. But Wall Street’s message is still clear: if NAND pricing remains this tight and AI infrastructure demand stays this hot, the market may still be underestimating how much this cycle can earn.
Bottom line:
SanDisk is one of the hottest semiconductor stories in the market right now.
The stock has already delivered an extraordinary run.
But with NAND pricing still rising, margins expanding, and Wall Street continuing to raise targets, the next earnings report could determine whether this move was just spectacular — or whether it still has another leg left.
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Written by Ian Cooper