SanDisk shares rose Thursday after Micron Technology’s latest quarterly results reinforced expectations for tight NAND memory supply and durable AI-driven storage demand. The stock was up more than 1% in premarket trading and later extended gains to more than 2% in afternoon action, following a prior close of $1,751.35.
Micron reported a 42% sequential jump in NAND revenue, while NAND prices increased approximately 30%, well above the 20% consensus estimate. Management also said Micron’s NAND supply growth will trail overall industry supply growth in calendar 2026. For 2027 and 2028, industry NAND bit shipments are projected to grow in the mid-20% range, with supply expected to remain constrained during both years.
Citi reiterated a Buy rating on SanDisk and maintained a $2,100 price target, implying more than 20% upside. Analyst Atif Malik pointed to AI data center demand, especially the practice of offloading KV cache data to more cost-effective solid-state drives, as a key support for SanDisk’s business. Citi said the read-through from Micron supports SanDisk’s thesis of strong fundamentals and increased visibility.
SanDisk has been one of the strongest semiconductor performers, with shares up more than 500% year to date and more than 1,300% over the past 12 months. The stock has also benefited from its addition to the S&P 100, which increased exposure to index-linked funds. Notable ETF weightings include an 8.38% position in the Invesco S&P 500 Pure Growth ETF and an 8.82% weighting in the First Trust US Equity Opportunities ETF.
SanDisk reports earnings on Oct. 29, with Wall Street expecting EPS of $43.12 and revenue of $10.47 billion. The stock trades at about 23.6 times earnings and carries a consensus Buy rating with an average price target of $2,291.07 across 39 analysts.
