SanDisk Corporation (SNDK) continued its strong upward momentum on Monday, rising more than 5% in premarket trading to around $1,725, extending a five-day winning streak that added 35% to the stock price. Despite the surge, the stock remains more than 25% below its record closing high of $2,335 set on June 25.
The rally was sparked by SanDisk's “In Focus” Investor Day on August 13, where management laid out an ambitious long-term financial model. The company projected mid-to-high-teens annual revenue growth, non-GAAP gross margins of around 80%, and adjusted free cash flow margins of roughly 50% for fiscal years 2028 through 2030. Those targets beat Wall Street expectations. CEO David Goeckeler said the strong performance is “the direct result of disciplined execution against the strategy we outlined 18 months ago,” while CFO Luis Visoso said the company is “optimizing for growth, sustainability and returns.” SanDisk also committed to returning 100% of excess cash to shareholders once fully funded.
Analyst reactions added further momentum. JPMorgan resumed coverage on August 14 with an Overweight rating and a $2,250 price target, citing SanDisk's unique positioning to capture NAND flash demand driven by AI inference growth. Cantor Fitzgerald's CJ Muse defended a $2,900 target on CNBC, and Goldman Sachs and Mizuho reaffirmed Buy ratings. The average analyst price target now sits at $2,210, implying about 35% upside from Friday's close. Approximately 81% of analysts rate the stock a Buy, the highest ratio since SanDisk was spun off from Western Digital.
Broader memory sector gains also lifted SanDisk. Western Digital, Seagate, Micron, SK Hynix, and Silicon Motion all moved higher before the open. Commerce Secretary Howard Lutnick urged Apple not to buy memory chips from China, saying the message had been delivered “plainly,” according to The Wall Street Journal, which supported U.S. memory stocks broadly. A Q2 13F filing revealed that the Situational Awareness hedge fund held SanDisk as its largest position at 28.52% of its $20.2 billion portfolio, a stake that grew 118.87% from the prior quarter.
